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Industries’ earnings grew faster in 2nd quarter

/ 02:32 AM October 29, 2016

Revenues of major industries grew at a faster pace in the second quarter on the back of election-related spending boost.

In a report, the Philippine Statistics Authority (PSA) said the total gross revenue index rose by 8.4 percent from April to June, up from the 5.7-percent growth in the same period last year.

The second-quarter expansion was mainly lifted by strong revenue growth in the private services, trade, and  transportation and communication sectors, according to the PSA said.

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Revenue of the private services sector jumped 15.3 percent, faster than  just 5.7 percent a year ago.

In the trade sector, revenue rose 9 percent year-on-year; transportation and communication, 8.3 percent; manufacturing, 5.8 percent; real estate, 5.3 percent; and finance, 3.6 percent.

Although these industries’ revenues rose at a faster pace, the total employment index grew by only 1.1 percent, slower than the 2.8-percent expansion last year.

The highest growth in jobs was recorded in the real estate sector at 6 percent, which was, however, slower than the 12.9-percent jump a year ago.

Employment in transportation and communication rose 3 percent. Jobs in the trade sector went up 1.8 percent.

Mining and quarrying jobs, however, dropped 4.9 percent year-on-year, reversing the 3.8-percent growth registered in the second quarter of last year.

The second-quarter total compensation index also slowed to 5.1 percent from 5.9 percent a year ago.

Workers’ pay in the real estate sector rose 11.1 percent, while in private services, up 9.8 percent.

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Compensation in the mining and quarrying sector dropped 6.7 percent.

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TAGS: Business, Earnings, economy, industries, News
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