Gross revenues of industries fall 5%

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The gross revenue index of industries fell by 4.9 percent in the first quarter of the year, as the economy contracted for the first time in more than 21 years on the combined impact of the Taal volcano eruption in January and the coronavirus disease 2019 (COVID-19) pandemic.

According to data posted by the Philippine Statistics Authority (PSA) yesterday, the contraction in the first quarter is a reversal of the 8.3 percent growth recorded in the same period of the previous year.

Among the industries, mining and quarrying recorded the largest decline of 22.7 percent.

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This was followed by declines in manufacturing, 13.2 percent; transportation, storage and communication, 4.6 percent; and other services, 3.4 percent.

The PSA also reported that the total employment index also registered decline with 1.7 percent drop during the period, reversing the 1.4 percent growth a year ago.

Industries that contributed to the decline in employment were: mining and quarrying, 7.3 percent; manufacturing, 3.7 percent; other services, 3.4 percent; construction, 2.8 percent; finance, 0.2 percent; and transportation, storage and communication, 0.04 percent.

The employment index in real estate; electricity, gas and water supply; and trade grew by eight percent, 3.4 percent and 2.2 percent, respectively.

The total compensation index likewise declined by 1.3 percent. In the same period last year, it grew by 3.5 percent.

Finance and mining and quarrying had the biggest declines with both 8.5 percent.

Other industries contributing to the decline were: transportation, storage and communication, 5.8 percent; trade, 2.8 percent; manufacturing, 2.6 percent; and construction, 2.2 percent.

Meanwhile, electricity, gas and water supply; real estate; and other services grew by 9.1 percent, nine percent and 1.8 percent, respectively.

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