Industry revenues grow 9.5% in fourth quarter of 2018

MANILA, Philippines — Industry revenues grew faster in the fourth quarter of 2018, boosted by the growth in private services and manufacturing sector, the Philippine Statistics Authority (PSA) reported yesterday.

The Gross Revenue Index of Industries registered a faster growth of 9.5 percent in the fourth quarter of 2018 from 8.9 percent in the same quarter of 2017.

In the last quarter of 2018, all industries reported faster growth, with private services leading at 10 percent.

This was followed by manufacturing at 9.9 percent, trade with 9.6 percent, finance with 9.1 percent; real estate with 8.6 percent; and transportation and communication with 5.9 percent.

Faster growth in revenues, however, did not translate to faster growth in employment as seen in the slower growth of the total employment index to 1.5 percent in the fourth quarter of 2018 from 1.6 percent in the last quarter of 2017.

Employment growth was fastest in trade as well as transportation and communication.

Other industries that registered growth in employment during the period were private services, finance, electricity and water, and manufacturing.

Declines in employment, meanwhile, were seen in real estate, as well as in mining and quarrying.

Despite the slower growth in employment, compensation grew at a faster pace in the fourth quarter of 2018 as seen in the faster growth of the total compensation index to 5.9 percent from 5.8 percent in the same quarter last year.

Growth in compensation was seen across most industries but was fastest in private services.