COMBING gross revenues of Philippine industries posted slower growth of 4.3 percent in the third quarter of 2015 from 10.1 percent a year earlier, the government reported on Wednesday.
The transportation and communications as well as the private services sectors posted the fastest growth of 9.5 percent during the period, the Philippine Statistics Authority (PSA) said in a statement based on the February issue of the Quarterly Economic Indices of the Philippines.
The finance and real estate segments both registered revenue growth of 7.4 percent. It was followed by trade, which posted a 5.6-percent increase.
The employees’ compensation index, meanwhile, grew by 5.9 percent, losing momentum from 7.3 percent a year earlier.
The agency traced the improvement to industries dealing in electricity and water, which grew by 6.6 percent, up from 2.1 percent; and trade that expanded by 1.6 percent from 1 percent.
The PSA added that the number of jobs in the country’s key industries, as measured by the total employment index, was up by 2.8 percent, slower than the 4 percent increase the previous year.
“Trade pulled down the index with a 1.4 percent drop from the previous year,” the statistics agency said.
The rest of the industries that slowed down were real estate, private services, manufacturing, mining and quarrying, finance, and transportation and communications.
With the employment and compensation indices losing pace during the period, growth in the total compensation per employee index also lost momentum to 3 percent from the 3.2 percent rise in 2014, the PSA said.
“The deceleration was mainly attributed to a slowdown in finance, real estate, manufacturing, and private services,” it said.