Major industries’ gross revenues up 4.3% in Q3 2015

AP FILE PHOTO

The gross revenues of major industries rose by 4.3 percent during the third quarter of last year, slower than the 10.1-percent jump the previous year, the Philippine Statistics Authority reported Wednesday.

Despite the revenue gains in the finance, private services, real estate, as well as transportation and communication sectors, the total gross revenue index growth during the July to September period was the lowest so far in 2015—below the 7.4 percent posted in the first quarter and 5.7 percent in the second quarter.

Revenues of the private services and transportation and communications sectors both climbed 9.5 percent in the third quarter.

Finance and real estate revenues, meanwhile, both grew 7.4 percent.

Revenues from trade activities also increased by 5.6 percent year-or-year, although slower than the 9.4-percent expansion during the third quarter of 2014.

Alongside higher revenues were more jobs in major sectors, even as the total employment index growth slowed to 2.8 percent in the third quarter of 2015 from 4 percent the previous year.

During the third quarter, jobs in the real estate industry grew 5.7 percent (slower than the 11.2-percent increase in 2014); private services, up 4.4 percent (from 6.3 percent); manufacturing, up 3.6 percent (from 4 percent); mining and quarrying, up 2.7 percent (from 3.2 percent); finance, up 2.1 percent (from 10 percent); and transportation and communications, up 0.1 percent (from 3.9 percent).

The electricity and water sector reversed to 0.4-percent growth the 2.2-percent drop in jobs recorded the previous year.
However, job generation in the trade sector declined by 1.4 percent year-on-year.

As for the total compensation index, its growth also slowed to 5.9 percent during the third quarter from 7.3 percent in the same period of 2014.

Only the electricity and water as well as trade industries had faster compensation increases of 6.6 percent and 1.6 percent, respectively, from 2.1 percent and 1 percent the previous year.

As both employment and compensation slowed down during the third quarter, the total compensation per employee index likewise grew at a slower 3 percent compared with 3.2 percent in 2014.