Growth in gross revenues of key industries slows

The growth in the revenues of the country’s major industries slightly slowed to 8 percent during the fourth quarter of last year on the back of weaker sales in the property and trade sectors, the Philippine Statistics Authority (PSA) reported on Friday.

In a report, the PSA noted that the growth of the total gross revenue index of key industries during the October to December period of 2014 was slower than the 8.3-percent expansion posted in the same three-month period of 2013.

The still positive overall growth was boosted by finance, manufacturing, and private services, which recorded higher increases in revenues of 10.2 percent, 8.8 percent, and 9.2 percent, respectively.

The double-digit growth in the revenues of the finance sector during the fourth quarter of last year was nonetheless slightly below the 10.5 percent registered a year ago.

As for the real estate, trade, and transportation sectors, their growth also dipped year-on-year.

Real estate revenues posted 7.5-percent growth (from 9.8 percent); trade, 7.7 percent (from 8.2 percent); and transportation, also 7.7 percent (from 15.9 percent).

Alongside the rise in revenues, the total employment index during the fourth quarter of 2014 improved to 4.5-percent growth from 2.9 percent in the previous year.

Real estate recorded the highest employment index growth of 10.2 percent.

Jobs in public services grew 7.7 percent; in finance, 6.8 percent; and in manufacturing, 4.9 percent.

As for mining and quarrying, the growth in jobs remained steady at 4 percent.

However, lower year-on-year employment growth rates were registered in transportation and communications (down to 2.5 percent from 5.6 percent); trade (0.6 percent from 4.4 percent); and electricity and water (negative 1.7 percent from negative 0.1 percent).

Meanwhile, the total compensation index grew a faster 8 percent during the fourth quarter of last year from 6.1 percent in the previous year, with higher pay posted in the private services, manufacturing, real estate, transportation and communication, finance, and electricity and water sectors, even as compensation in mining and quarrying dropped, the PSA said.