Major industries’ revenues grew by 9.7% in Q3 2014

Gross revenues of the country’s major industries grew by 9.7 percent during the third quarter of last year, slightly better on a year-on-year basis but slower than the previous quarter.

A Philippine Statistics Authority (PSA) report released on Thursday showed that the third quarter total gross revenue index of key industries was higher than the 9.4-percent growth posted during the same three-month period of 2013.

The growth registered in the third quarter, however, was slower than the 10.8-percent expansion recorded in the second quarter.

During the July to September period, four of the six industries covered by the index registered double-digit growth: transportation and communications (up 10.9 percent from 9.8 percent in the same period of 2013); manufacturing (up 10.8 percent from 7.9 percent); finance (up 10.2 percent, slower compared with the 17.1-percent growth in 2013); and real estate (up 10.1 percent but down from 10.8 percent in the previous year).

The trade sector posted a 9.4 percent-growth during the third quarter, slower than the previous year’s 9.9 percent.

As for private services, the sector’s growth slowed to 5.9 percent from 8.8 percent in the same period of 2013.

Alongside most domestic firms’ higher revenues during the July to September period, the total employment index rose 4.2 percent, higher than the 1.9-percent expansion in the same period of the previous year.

The fastest growth in employment was posted in the real estate sector, which expanded 11.6 percent during the third quarter of last year from 9.9 percent in 2013.

Jobs in the finance sector jumped 10.2 percent during the period; 5.8 percent in private services; 4.6 percent in manufacturing; and 3.7 percent in transport and communications.

Employment in the mining sector, meanwhile, rebounded as it posted 3.2-percent growth during the third quarter to reverse the 2.1-percent drop recorded a year ago.

However, jobs in the electricity and water sectors slid 2.2 percent between July and September, while employment in the trade sector declined 0.6 percent.

As for employees’ pay, the total compensation index rose 7.8 percent during the third quarter of last year, an improvement from the 5.2-percent growth in the same period of 2013.

Compensation growth was the highest among jobs in the finance sector, which jumped 23.1 percent.

The increase in employee compensation went up 21.4 percent in the real estate sector; 10.8 percent in manufacturing; 9.2 percent in private services; and 5.4 percent in transport and communications.

On a year-on-year basis, the rate of increase in compensation in three sectors slowed during the third quarter of 2014: mining and quarrying (2.1-percent growth from 6.1 percent in the previous year); electricity and water (2.1 percent from 2.5 percent); and trade (1.3 percent from 5.5 percent).

When measured per worker, meanwhile, the total compensation per employee index inched up to 3.4 percent during the third quarter from 3.3 percent in the previous year.

Compensation per employee rose 11.7 percent among jobs in the finance sector; 8.8 percent in real estate; and 6 percent in manufacturing.

Without disclosing figures, the compensation per workers in the sectors of electricity and water, private services, trade, and transport and communication also registered “accelerated growths,” during the third quarter of 2014, according to the PSA.

However, the compensation per employee among mining and quarrying companies skidded to negative 1.1 percent from the 8.4-percent growth posted between July and September 2013.