The country’s real estate sector was the fastest growing industry in terms of gross revenue during the fourth quarter of last year, according to the Philippine Statistics Authority (PSA).
PSA’s Total Gross Revenue Index for the last quarter of 2015 inched up by 5.9 percent with the growth being driven by the real estate sector growing at 12.7 percent from the 7.5 percent expansion registered in the same period of last year.
This was followed by the Transpotation and Communication industry with a 9.9 percent growth rate.
“All other industries posted positive growth but at a slower pace when compared with the same quarter last year,” PSA noted.
Finance slowed down to 8.5 percent from a 10.2 percent growth a year earlier, Trade registered 6.7 percent growth from 7.7 percent, Manufacturing stood at 3.5 percent from 8.8 percent growth, and Private Services at 2.4 percent, sharply slower than its 9.2 percent expansion in Q4 2014.
Meanwhile, the real estate industry was also the top gainer in the Total Employment Index, with a growth of 11.3 percent from the 10.2 percent growth registered in the same quarter of the previous year.
Industries such as the manufacturing sector and private services also showed signs of employment growth but at a slower rates of 4.4 percent and 3.5 percent, respectively.
In contrast, two industries posted negative movement during the quarter. Trade contracted 0.8 percent, accelerating from a contraction of 0.6 percent posted in the same quarter of 2014, and Mining and Quarrying suffered a 5.4 percent decline, reversing a year-earlier growth of 4.0 percent.
PSA noted that those declines pulled the full index down, resulting in slower-paced overall growth of 3.4 percent from the prior year’s 4.5 percent.
The real estate industry was also the fastest growing industry in the Total Compensation Index, as it grew 16.7 percent, nearly double the previous year’s 8.5 percent growth.
Private Services also posted growth, but at a slower pace of 8.6 percent from the 10.2 percent growth a year earlier.
“Mining and Quarrying on the other hand pulled down the total compensation index with a 9.1 percent decline from the 9.9 percent drop a year earlier,” PSA said.
The total compensation index grew, but at slower pace of 6.1 percent from 8.0 percent posted in the same period a year earlier.
Futhermore, with the slowdown of both employment and compensation, PSA said the total compensation per employee index decelerated to 2.7 percent growth from 3.3 percent.
“Slowdowns were noted in Manufacturing, at 2.9 percent from 3.9 percent and Transportation and Communication at 1.8 percent from 5.1 percent,” PSA said.