Industries’ gross revenue growth slows in Q3
Credit to Author: Anna Leah E. Gonzales| Date: Thu, 19 Dec 2019 16:46:35 +0000
Gross revenues of industries grew by 7.6 percent in the third quarter of the year, slower than the 9.7-percent expansion in the same period last year, the Philippine Statistics Authority (PSA) said.
In its latest Quarterly Economic Indices (QEI) report released on Thursday, the PSA said that among the industries, trade recorded the fastest growth with 12.6 percent. Finance followed with 12.5 percent; other services with 8.5 percent; and electricity, gas and water supply with 7.8 percent.
The QEI compiles indices on the volume of production, revenue, employment, compensation and compensation per employee.
“The QEI points out the change of direction in the performance of the industries,” said the PSA.
The PSA said gross revenue “refers to the value of receipts from the shipment of goods produced, resale of goods and services rendered.”
Total employment index, on the other hand, grew by 1.7 percent, also down from the 1.9 percent recorded in the same quarter last year.
Drivers of growth in employment are manufacturing (4.5 percent); finance (3.6 percent); transportation, storage and communication, (93.2 percent); electricity, gas and water supply (2.0 percent); trade (1.2 percent); real estate (1.1 percent); construction (1.0 percent); and other services (0.4 percent).
The PSA said, however, the employment index in mining and quarrying declined by 7.7 percent.
Total compensation index, meanwhile, increased by 5.3 percent, faster than the 3.3 percent last year, driven by the growth in electricity, gas and water at 17.1 percent.
Other industries that pulled growth were manufacturing (9.3 percent); construction (8.4 percent); trade (4.0 percent); real estate and other services (3.6 percent); finance (2.8 percent); mining and quarrying (0.5 percent); and transportation, storage and communication (0.2 percent).
The compensation per employee index grew by 3.6 percent from the uptrend in electricity, gas and water supply, mining and quarrying, construction, manufacturing, other services, trade, and real estate.