The regional economy showed signs of continued recovery, as indicated by higher labor force participation and employment rates, and a substantial drop in underemployment rate during the third quarter. These indicate that more people joined the labor force and more persons landed better quality jobs. However, the uptrend in inflation affects purchasing power, especially by low income groups. Reports from the Department of Agriculture point to a slower growth growth in the agriculture and fishery sector, due to damages in rice and cornlands and losses in fishery, livestock and poultry brought about by the enhanced southwest monsoon, tropical storm Florita, and super typhoon Karding.
The industry sector, particulary mining, showed faster growth as non-metallic mineral production surged during the quarter. This is attributed to the resumption of the issuance of sand and gravel permits in Albay and re-endorsement of Minahang Bayan in Lagonoy, Camarines Sur.
Reports from the Department of Tourism show increased tourism activities as travel restrictions became more relaxed. This indicates a faster growth for the services sector, as tourism is a driver for growth in the other services sub-sectors on transport, communication, trade, hotels and accommodation, food and beverage services, souvenir shops, and other related businesses.