The expansion of the gross revenues of local industries slowed to 8.9 percent in the fourth quarter of 2017, according to the Philippine Statistics Authority (PSA).
Based on the data from the Quarterly Economic Indices (QEI), the PSA said the Total Gross Revenue Index (TGRI) slowed from 9.4 percent in the same period in 2016.
The total employment index (TEI) and total compensation index (TCI) also posted slower growth at 1.6 percent and 5.8 percent in the fourth quarter of the year, respectively. The TEI was at 1.9 percent and TCI at 6.5 percent in the last quarter of 2016.
“The QEI is a compilation of quarterly indices on production, gross revenue, employment, compensation, production per worker, compensation per employee and average earnings,” the PSA said.
Real estate posted the fastest growth in the TGRI at 11 percent followed by private services with 10.6 percent and finance with 10.2 percent.
The other industries that posted above 5-percent TGRI growth were trade at 9.5 percent; manufacturing, 7.7 percent; and transportation and communication at 5.1 percent.
In terms of the TEI, real estate also posted the fastest growth at 2.9 percent followed by transportation and communication with 2.6 percent; manufacturing with 2.2 percent; and electricity and water with 1.6 percent.
Industries that posted higher TEI growth but less than 1 percent were mining and quarrying with 0.7 percent; private services, 0.7 percent; finance, 0.5 percent; and trade, 0.2 percent.
For TCI, industries that contributed to growth were manufacturing with 9.5 percent; transportation and communication, 7.7 percent; real estate, 6.4 percent.
Industries that posted a growth of below 5 percent were finance with 4.3 percent; trade, 4.3 percent; mining and quarrying, 4.2 percent; and private services, 3.7 percent.
PSA data also showed that with this, Total Compensation per Employee Index grew by 4.1 percent.
This growth was led by manufacturing with 7.2 percent, transportation and communication with 4.9 percent and trade with 4 percent. Meanwhile, electricity and water declined by 3.3 percent.
Apart from the PSA, the QEI data was obtained from agencies such as the Sugar Regulatory Administration; Forest Management Bureau and Mines and Geosciences Bureau.
Data was also obtained from the National Power Corp.; Manila Electric Co.; Manila Water Co. Inc. and Maynilad Water Services Inc.
The sectoral indices are computed based on data from the Quarterly Survey of Philippine Business and Industry and reports from various administrative and regulatory agencies with 1978 as base year.
Image credits: Roy Domingo