AKLAN – The economy of Aklan province continues to accelerate, growing by 9.5 percent in 2023 from a 22.5 percent increase in 2022. In 2023, the gross domestic product (GDP) of Aklan was estimated at P69.61 billion.
Among the 16 industries, wholesale and retail trade; repair of motor vehicles and motorcycles had the largest share to the total economy of the province with 22.3 percent share. This was followed by transportation and storage with 18.0 percent, and agriculture, forestry and fishing with 11.1 percent share.
Moreover, accommodation and food service activities recorded the fastest growth rate of 58.9 percent, followed by other services with 48.8 percent, construction with 23.2 percent, and electricity, steam, water and waste management with 14.9 percent. Meanwhile, agriculture, forestry, and fishing contracted by 4.6 percent.
Excluding highly urbanized cities (HUCs) in Western Visayas, Aklan’s economy was the fastest growing among provinces, followed by Guimaras with 7.9 percent, and Negros Occidental with 6.9 percent.
The Provincial Product Accounts (PPA) has been the mechanism of the Philippine Statistics Authority to compile the annual estimates of GDP by province and HUC, consistent with the National and Regional Accounts of the Philippines. In 2023, all provinces and HUCs of Western Visayas continued to implement the PPA since its inception in 2021, together with other regions. As of 2024, there are a total of 82 provinces and 33 HUCs compiling the PPA./PN
