The economy of the Bicol Region showed signs of continued recovery in 2022, as indicated by a higher average labor force participation rate (60.1% from 59.7% in 2021), higher average employment rate (94.1% from 91.2% in 2021), and lower average underemployment rate (21.6% from 25.6% in 2021).
The industry sector, particularly mining, showed faster growth as metallic and non-metallic mineral production improved (5.9% increase) in 2022. The services sector, particularly the industries where tourism is a contributor, showed faster growth as tourist arrivals ballooned (67.8% increase) in 2022. On the other hand, the agriculture sector showed slower growth in palay, corn, and fisheries production in 2022.
Of particular concern, however, is the price situation, as indicated by a climbing inflation rate that settled at 7.2 percent by the end of the year. Ensuring adequate supply of basic commodities will help temper inflation and sustain economic growth and recovery.