Industry revenue growth slows in Q4
The gross revenue growth of Philippine industries decelerated to 3.5 percent in the fourth quarter of 2019 from 9.3 percent a year earlier, data from the Philippine Statistics Authority (PSA) showed on Thursday.
Among industries, the PSA said, finance recorded the fastest growth at 13.7 percent. This was followed by trade; other services; real estate; electricity, gas and water supply; and transportation, storage and communications.
Revenues of mining and quarrying, as well as manufacturing, declined by 1.6 percent and 2.2 percent, respectively.
Meanwhile, the number of jobs among the industries, as measured by the total employment index, dropped by 0.2 percent.
“Industries that contributed to the drop in employment are manufacturing, with 3.3 percent; mining and quarrying, with 2.0 percent; construction, with 0.3 percent; and other services, with 0.5 percent,” the PSA added.
Industries that generated jobs were finance; real estate; trade; transportation, storage, and communication; and electricity, gas and water supply.
The compensation index picked up to 4.7 percent in the three months ending December from 4.2 percent in the same period a year ago.
Industries contributing to the growth were finance; manufacturing; real estate; mining and quarrying; trade; and electricity, gas and water supply; other services; and construction.
Transportation, storage and communication fell by 1.4 percent.
The PSA also reported that the total compensation per employee index was faster at 4.7 percent, attributed to manufacturing; mining and quarrying; finance; real estate; electricity, gas and water supply; other services; construction; and trade.