Gross revenues of key industries up 10.8% in Q2

Gross revenues of key domestic industries jumped by over a tenth during the second quarter of 2014, faster than that of a year ago.

Data posted on the Philippine Statistics Authority website Thursday showed that the total gross revenue index of key industries rose by 10.8 percent during the April-to-June period—up from the 9.6-percent growth posted in the same period last year.

The fastest revenue growth during the second quarter was posted by the transportation and communication sector, which expanded 21.1 percent compared with the mere 2.7-percent growth recorded last year.

Real estate revenues, meanwhile, grew by 15.8 percent from 11.9 percent in the second quarter of 2013.

Revenues from manufacturing climbed by 13.8 percent in the second quarter from just 3 percent in 2013.

While the finance and trade sectors also posted growth in revenues during the second quarter, their respective expansions were slower year-on-year.

In the three months to June, revenues of the finance industry grew by 10.3 percent—lower than the 12-percent expansion recorded a year ago.

As for trade, revenue growth slowed to 9.6 percent in the second quarter from 12.6 percent last year.

Only the revenues of private services contracted during the second quarter.

Alongside the rise in revenues of most key domestic industries, employment in these sectors also slightly improved during the second quarter.

The total employment index rose by 4.7 from April to June, faster than the 1.1-percent expansion seen during the same period last year.

Employment in the finance sector rose by 8.7 percent in the second quarter, while mining and quarrying jobs increased by 7.8 percent.

Job creation in the transportation and communication industry grew by 5.9 percent in the second quarter, while employment in manufacturing increased by 5.2 percent.

Job generation in private services, real estate and trade also posted growth in the second quarter, although slower year-on-year.

During the period, additional jobs in private services, real estate and trade slowed to 5.3 percent, 10.4 percent and 0.1 percent, respectively, from 5.8 percent, 11.2 percent and 3.1 percent reported last year.

Employment in the electricity and water sector, meanwhile, slid by 0.3 percent, making it the only industry where the number of jobs contracted between April and June.

As a whole, compensation across key domestic industries rose by a faster 6.3 percent from April to June, compared with the 4.5-percent growth recorded last year. Compensation of employees in finance and real estate grew by a double-digit rate during the second quarter. Only compensation in mining and quarrying slowed compared with that of the previous year.