Revenue growth of industries slows

    Fastest growth. Trade continues to be robust, posting a 12.6 percent expansion in gross revenues.
    Fastest growth. Trade continues to be robust, posting a 12.6 percent expansion in gross revenues.

    The gross revenue index of industries grew at a slower pace in the third quarter, even as the economy posted its fastest growth so far this year during that period.

    According to the Philippine Statistics Authority, the gross revenue index expanded by 7.6 percent in the third quarter of 2019, slower than the 9.7 percent growth posted in the same period of 2018.

    Trade recorded the fastest growth at 12.6 percent, followed by finance with 12.5 percent, other services with 8.5 percent, and electricity, gas and water supply with 7.8 percent.

    The total employment index meanwhile grew by 1.7 percent, also slower than the 1.9 percent growth in the same period a year ago.

    Industries that contributed to the growth in employment were manufacturing with 4.5 percent; finance, 3.6 percent; transportation, storage and communication, 3.2 percent; electricity, gas and water supply, 2 percent; trade, 1.2 percent; real estate, 1.1 percent; construction, 1 percent; and other services, 0.4 percent.

    On the other hand, employment index in mining and quarrying declined by 7.7 percent.

    The PSA reported the total compensation index grew by 5.3 percent, faster than the 3.3 percent expansion in the same period last year.

    Electricity, gas and water supply posted the fastest growth with 17.1 percent.

    Industries that pulled the growth up were manufacturing with 9.3 percent; construction, 8.4 percent; trade, 4 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.

    Lastly, the compensation per employee index grew by 3.6 percent.

    The growth was attributed to the uptrend in electricity, gas and water supply with 14.7 percent; mining and quarrying, 8.9 percent; construction, 7.3 percent; manufacturing, 4.6 percent; other services, 3.2 percent; trade, 2.8 percent; and real estate, 2.4 percent.

    Finance and transportation, storage and communication declined by 0.7 percent and 2.9 percent, respectively.