Q1 growth in PH industries boost employment index

Gross revenues of key industries rose 7.4 percent in the first quarter, faster than the 6.3-percent growth a year ago, on the back of strong sales in the communication and transportation, manufacturing, and property sectors.

The real estate sector recorded the highest growth at 13.7 percent in the first quarter, up from 13.4 percent in the same period last year, the latest gross revenue index report from the Philippine Statistics Authority (PSA) showed.

The transportation and communication sector’s revenues grew 12.3 percent, although lower than last year’s 15.7-percent uptick.

Manufacturing revenues jumped 10.1 percent, higher than the 2.2-percent rise in the first three months of last year.

Private services also registered a faster growth at 7.4 percent, compared with 5.1 percent a year ago.

Two sectors did not fare well during the period in question. Trade slowed to 6.1 percent from 7.1 percent last year, while finance went down to 3.9 percent from 6.7 percent a year ago.

The first-quarter total revenue growth was also lower than those posted in the three preceding quarters. The total gross revenue index of industries improved by 10.8 percent in the second quarter of last year, 9.7 percent in the third quarter, and 8 percent in the fourth quarter.

As a result of higher revenues posted by the different sectors in the first quarter, the total employment index grew by 3.8 percent, an improvement from the 1.4-percent growth recorded last year.

Employment in the real estate sector rose at the fastest rate of 15.3 percent from a 9.8-percent growth a year ago; private services, up 8 percent from 1.7 percent; manufacturing, up 3.7 percent from 0.02 percent; and mining and quarrying, up 3.3 percent from an 8.9-percent contraction.