The gross revenue of major domestic industries grew by a faster 6.8 percent in the third quarter of last year on the back of higher earnings of property and financial firms.
In a report Thursday, the Philippine Statistics Authority (PSA) said the growth in the gross revenue index during from July to September was faster than the 4.2-percent expansion in the third quarter of 2015.
It was, however, slower than the 8.4-percent jump in the second quarter, PSA data showed.
Across industries, the fastest revenue growth of 21 percent was recorded by the real estate sector, compared with 7.4 percent a year ago, the PSA said.
During the third quarter, gross revenue of firms in the finance sector rose 11.7 percent; private services, up 8.6 percent; transportation and communication, up 7.2 percent; trade, up 6.8 percent; and manufacturing, up 6.1 percent.
While revenues increased faster, employment did not keep up pace, as industries registered a mere 1.1-percent growth in the third-quarter employment index compared with 2.8 percent in the same period of 2015.
Additional jobs were generated in the following sectors: transportation and communication, up 6.5 percent; trade, up 1.8 percent; real estate, up 1.4 percent; finance, up 1.4 percent; manufacturing, up 0.7 percent; electricity and water, up 0.4 percent; and private services, up 0.3 percent.
However, employment in the mining and quarrying industry declined 2.3 percent year-on-year.
As for employees’ pay, the total compensation index in the third quarter matched the 5.9-percent increase in the third quarter of 2015.
Workers’ compensation in the real estate as well as private services industries climbed 15.4 percent and 12.9 percent, respectively.
Compensation in the transportation and communication sector dropped 4.3 percent during the period. —BEN O. DE VERA