Gross revenues of industries up 5.7% in Q2

The gross revenues of major industries rose by 5.7 percent in the second quarter on the back of higher earnings in the communication and transportation, finance as well as private services sectors, according to the Philippine Statistics Authority (PSA).

However, the PSA reported that the expansion in the Total Gross Revenue Index from April to June was slower compared to the 10.8-percent growth recorded in the same period last year.

During the second quarter, revenues of the transportation and communication industry grew the fastest at 9.3 percent, although also slower than the robust 21.1-percent jump posted a year ago.

Only the private services sector registered faster year-on-year revenue growth in the second quarter at 8.8 percent, reversing the 2.5-percent drop last year.

The PSA said all other major industries posted slower year-on-year revenue growth during the second quarter: finance, up 7.6 percent (from 10.3 percent last year); trade, up 6.9 percent (from 9.6 percent); real estate, up 5.3 percent (from 15.8 percent); and manufacturing, up 1 percent (from 13.8 percent).

Alongside higher revenues, jobs in major sectors as reflected by the Total Employment Index grew by 2.8 percent in the second quarter, albeit slower than the 4.7-percent growth a year ago.

Real estate jobs rose further by 12.9 percent, faster than the 10.4-percent increase last year.

Employment in the finance sector increased by 8 percent; in private services, up 5.8 percent; mining and quarrying, up 3.8 percent; manufacturing, up 2.9 percent; and electricity and water, up 1 percent.

Jobs in transportation and communications as well as trade, however, contracted by 1.5 percent and 2 percent, respectively, during the second quarter.

Compensation across industries grew 5.9 percent between April and June, slower than the 6.3-percent growth a year ago.

Pay received by workers in the following sectors increased in the second quarter: real estate, up 16.6 percent; finance, up 11.1 percent; private services, up 9.9 percent; manufacturing, up 6 percent; electricity and water, up 2.4 percent; trade, up 1 percent; and transportation and communication, up 0.9 percent.

Compensation in the mining and quarrying sector, meanwhile, declined by 4.5 percent during the second quarter, reversing last year’s 2-percent increase.

As compensation levels grew faster than the number of new jobs, the Total Compensation per Employee Index posted 3-percent growth in the second quarter, an improvement from the 1.5-percent expansion a year ago, the PSA said.