The country’s gross revenue of industries grew by 8.6 percent in the third quarter of 2017, according to the Philippine Statistics Authority (PSA).
Data from the latest Quarterly Economic Indices of the Philippines showed the growth was largely due to finances, private services and trade.
Finance posted the fastest growth with 12.6 percent. This was followed by private services with 9.4 percent, and trade with 8.9 percent.
“Gross revenue refers to the value of receipts from the shipment of goods produced, resale of goods and services rendered,” the PSA said.
In the third quarter, the PSA also reported that the Total Employment Index grew by 1.5 percent, with all industries posting growth during the period.
The growth was largely due to real estate and transportation and communication, which posted growth rates of 3.1 percent and 3 percent, respectively.
Data showed employment in other sectors like trade grew 2.5 percent; private services, 2.1 percent; manufacturing, 1.1 percent; electricity and water, 1 percent; finance, 0.8 percent; and mining and quarrying, 0.1 percent.
Meanwhile, in terms of compensation, the PSA said it expanded by 7.4 percent, the same level in 2016.
Industries contributing to the growth were real estate with 14.9 percent; manufacturing with 11.3 percent; and transportation and communication with 8.8 percent.
Data also showed compensation in mining and quarrying grew 6.5 percent; private services, 5.8 percent; and trade, 4.3 percent. However, electricity and water declined by 1.9 percent.
This brought the Total Compensation per Employee Index to increase 5.8 percent.
This growth was led by real estate with 11.4 percent; manufacturing with 10.1 percent; and mining and quarrying with 6.4 percent; electricity and water, however, contracted by 2.8 percent.