Total Gross Revenue Index of key industries grew by 7.4 percent in the first quarter of 2015, higher than the 6.3 percent growth posted a year ago. The positive growth of the index was led by Real Estate, Transportation & Communication, and Manufacturing.
Among the industries, Real Estate posted the fastest growth at 13.7 percent, slightly higher than last year’s 13.4 percent growth. It was followed by Transportation & Communication exhibiting a growth of 12.3 percent (albeit slower than the 15.7 percent growth in Q1 2014), and Manufacturing recording 10.1 percent growth, much faster than 2.2 percent growth recorded a year ago. Private Services likewise accelerated with a growth of 7.4 percent, higher than last year’s recorded growth of 5.1 percent. The rest of the industries decelerated, with Trade inching down to 6.1 percent from 7.1 percent last year, and Finance with 3.9 percent from 6.7 percent growth last year.
Total Employment Index improved this quarter with a 3.8 percent growth from 1.4 percent growth in the same quarter in 2014. Real Estate is the top gainer in employment, with the fastest Employment index growth of 15.3 percent (from 9.8 percent); Private Services, accelerated to 8.0 percent (from 1.7 percent); Finance slowed down to 7.9 percent (from 8.5 percent); and Manufacturing expanded to 3.7 percent (from 0.02 percent). Meanwhile, Mining and Quarrying rebounded with a growth of 3.3 percent from an 8.9 percent contraction last year, while Trade posted a slower growth of 0.1 percent from 3.8 percent. On the other hand, Electricity & Water slacken further with 0.3 percent decline (from 0.04 percent decline) while Transportation & Communication suffered a reversal resulting to negative 0.4 percent from 8.7 percent growth in Q1 2014.
Total Compensation Index continues to climb up with a growth of 6.0 percent during the first quarter of 2015 (from 5.2 percent a year ago). This was led by Real Estate’s and Finance’s double-digit growth of 20.1 percent and 18.9 percent (from 25.8 percent and 11.7 percent, respectively). All other industries, except for Mining and Quarrying, contributed positively to the growth of the Total compensation index: Manufacturing with 11.2 percent growth (from negative 2.9 percent); Private Services with 7.4 percent (from 11.9 percent); Electricity & Water with 1.4 percent (from 3.4 percent); Transportation & Communication with 0.7 percent (from 5.9 percent); and Trade with 0.3 percent (from 2.8 percent). Mining and Quarrying declined further by 2.0 percent from a 4.9 percent drop last year.
Total Compensation per Employee Index slowed down with a growth of 2.1 percent (from 3.7 percent last year). The deceleration was attributed to the downswing of Mining & Quarrying (negative 5.1 percent from a growth of 4.4 percent), and Private Services (negative 0.6 percent from 10.0 percent). The remaining industries exhibited positive growth led by Finance (10.2 percent growth from 2.9 percent), and Manufacturing (7.2 percent growth from negative 2.9 percent).
This report is based on the August 2015 issue of the Quarterly Economic Indices (QEI) of the Philippines. (Philippine Statistics Authority)