The Naturally Vibrant Province of Nueva Vizcaya continues to shine as it achieves yet another milestone, securing the 2nd spot in the list of the Top 10 Fastest Growing Provinces. This is based on the 2022 Economic Performance of the Provinces in the Philippines, as released by the Philippine Statistics Authority (PSA) on 19 February 2024.

This is the first time that the PSA released the results of the Provincial Product Accounts (PPA), which was initiated as a mechanism to compile the Gross Domestic Product (GDP) at the subnational level. This covers 16 pilot regions outside the National Capital Region (NCR), including 82 provinces and 17 Highly Urbanized Cities (HUCs) from November to December 2023.

The economy of Nueva Vizcaya registered an increase of 13.1 percent in 2022, the highest growth rate recorded since 2019. The Gross Domestic Product (GDP) of the province was valued at PHP 57.79 billion in 2022, higher by 4.8 percent compared to the 2019 pre-pandemic level.

The industries of Mining and Quarrying, Accommodation and Food Service Activities, and Transportation and Storage recorded the fastest growth among the 16 industries in the province.

Out of the 5 provinces of Cagayan Valley, Nueva Vizcaya registered the highest growth rate in 2022 followed by Batanes and Cagayan.

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Date of release: 25 March 2024