Revenue index of industries slows to 7.5%

MANILA, Philippines - The country’s Total Gross Revenue Index of industries or GRI slowed down to a growth of 7.5 percent in the third quarter of last year from 14.8 percent in the same period in 2010, the National Statistical Coordination Board (NSCB) said in its latest report.

By sector, the real estate industry posted its seventh consecutive double-digit growth as it grew by 24.5 percent from 15.9 percent a year ago.

Similarly, the trades sector grew by 9.1 percent while the transportation and communication industry rose by 6.9 percent.

The Total Employment Index, meanwhile, posted a meager growth of 0.5 percent in the third quarter of 2011 from 1.9 percent recorded a year ago.

It was the real estate sector that recorded the highest employment index with a growth of 4.7 percent. This was followed by the financewith 1.1 percent and trade, with 0.8 percent.

“All other sectors recorded marginal growths in employment index except for mining and quarrying and transportation and communication which declined by 19.9 percent and 0.5 percent, respectively,” the NSCB said.

Similarly, the Total Compensation Index grew at a slower pace of 4.1 percent from last year’s growth of 9.2 percent.

As in the other indeces, the real estate sector recorded the highest growth with 13.2 percent followed by private rervices with 7.5 percent.

The compensation index in the transportation and communication sector grew by six percent.

Other sectors such as the mining and quarrying, manufacturing, electricity and water, and trade also recorded positive growths.

On the other hand, the compensation index in the finance sector declined by 4.3 percent during the quarter.

“With the slowdown in total compensation and the marginal growth of employment, the Compensation per Employee Index posted a lower growth of 3.5 percent in the third quarter of 2011 as against 7.2 percent last year,” NSCB said.

The Quarterly Economic Indices (QEI) of the Philippines, released regularly by the NSCB, aims to provide measures of growth in production, gross revenue, employment and compensation in the various sectors of the economy.