While economic growth picked up in the third quarter of 2019, the increase in revenues of major industries slowed to 7.6 percent during the period, the Philippine Statistics Authority (PSA) reported Thursday (Dec. 19).
In its report, the PSA said gross revenue growth of industries from July to September was below the 9.7-percent growth posted in 2018 for the same period.
On a per industry basis, the trade sector grew its revenues the fastest at 12.6 percent.
During the third quarter, revenues of the finance sector grew 12.5 percent; other services, 8.5 percent; and electricity, gas and water supply, 7.8 percent.
Real estate revenues rose 6.8 percent; transportation, storage and communication, up 6.4 percent; and manufacturing, up 5.4 percent.
Mining and quarrying revenues nonetheless fell 6.2 percent during the same three-month period.
Third-quarter gross domestic product (GDP) growth rebounded to 6.2 percent year-on-year, reversing the slower economic expansion in the first half amid underspending on public goods and services due to late budget approval.
Total employment index growth also slowed to 1.7 percent in the third quarter from 1.9 percent last year.
“Industries that contributed to the growth in employment were: manufacturing, with 4.5 percent; finance, with 3.6 percent; transportation, storage and communication, with 3.2 percent; electricity, gas and water supply, with 2 percent; trade, with 1.2 percent; real estate, with 1.1 percent; construction, with 1 percent; and other services, with 0.4 percent,” the PSA said.
However, the PSA said the employment index for the mining and quarrying sector dropped by 7.7 percent during the third quarter.
Employees nonetheless benefitted from industries’ sustained higher revenues as the total compensation growth was faster at 5.3 percent in the third quarter from a year ago’s 3.3. percent.
Salaries in the electricity, gas and water supply industry grew the fastest—17.1 percent—during the July to September period.
Other sectors that posted salary increases from July to September were manufacturing (up 9.3 percent); construction (up 8.4 percent); trade (up 4 percent); real estate, and other services (both up 3.6 percent); finance (up 2.8 percent); mining and quarrying (up 0.5 percent); as well as transportation, storage and communication (up 0.2 percent).