INDUSTRIAL revenue grew 6.9 percent in the first quarter of this year from a year earlier, with the biggest increase logged by the real estate sector, according to data from the Philippine Statistics Authority (PSA).
The PSA said the Total Gross Revenue Index of Industries—a measure of revenues generated by all industries from the shipment of goods produced, resale of goods and services rendered—grew 6.9 percent in the first quarter of this year.
Revenues from real estate sector grew 13.2 percent, the fastest among all sub-indices, but it was slightly slower than last year’s 13.7-percent growth.
This was followed by transportation and communication with revenue growth of 9.4 percent, also slower than the 12.3 percent posted in the previous year.
“Trade accelerated to 8.8 percent from 6.1 percent, Finance registered a growth of 6.1 percent from 3.9 percent, Manufacturing at 2.0 percent from 10.1 percent, and Private Services at 0.5 percent from 7.4 percent,” the PSA said.
Employment growth in the real estate sector decelerated in the first quarter to 8.1 percent from 15.3 percent posted in the previous year
The overall Total Employment Index slipped by 0.04 percent in the first quarter after growing by 3.8 percent in the previous year. The decline was driven by contractions in industries such as mining and quarrying and manufacturing, which declined by 6.3 percent and 0.9 percent from growth rates of 3.3 percent and 3.7 percent in the previous year, respectively, and in Finance, which decelerated by 1.8 percent from growth of 7.9 percent.
The employment index in Electricity and Water turned around to growth of 1.3 percent from a contraction of 0.3 percent, while Private Services slowed to 1.1 percent from 8.0 percent in the same quarter last year.
Only Trade accelerated in the employment index by 1.1 percent from 0.1 percent in the same period last year.
Compensation in the real estate industry grew by 10.4 percent, though at a slower pace than the 20.1 percent posted in the previous year.
The overall Total Compensation Index posted growth of 4.5 percent, slower than compensation growth of 6.0 percent last year. Under this, “Mining and Quarrying dipped further by 15.4 percent from a 2.0 percent contraction and Manufacturing declined by 3.4 percent from an expansion of 11.2 percent,” the PSA said.
Electricity and Water was the only industry to post an accelerated growth in the first quarter of the year at 16.3 percent from the 1.4 percent last year, it said.