Industries’ earnings grew faster in 2nd quarter
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.
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.
Compensation in the mining and quarrying sector dropped 6.7 percent.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.