PH industrial sector profit slower in Q3
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Thu, 17 Jan 2019 16:19:17 +0000
Gross revenue growth in the Philippine industrial sector slowed in the third quarter of 2018, easing to 8.1 percent from 8.6 percent a year earlier, the Philippine Statistics Authority (PSA) said on Thursday.
Among industries, the PSA said finance posted the fastest growth of 13.5 percent, followed by “real estate with 13.4 percent and manufacturing with 12.4 percent.”
The PSA also said private services and trade posted slower annual growths of 8.8 percent and 7 percent, respectively.
Further, the PSA said the number of jobs in key industries grew by only 1.1 percent, slower than 2017’s 1.5 percent.
These were electricity and water, which grew 3.4 percent; trade, 0.2 percent; private services, 2.3 percent; finance, 2.3 percent; transportation and communication, 1.7 percent; real estate, 1.7 percent; and manufacturing,0.3 percent. Mining and quarrying declined by 3.2 percent.
The compensation index also lost momentum, from 7.4 percent in 2017 to 7.1 percent last year.
Industries contributing to the growth were electricity and water, 12.1 percent; real estate, 9.5 percent; transportation and communication, 9.1 percent; private services, 7.2 percent; manufacturing, 6.5 percent; mining and quarrying, 3.6 percent; trade, 2.8 percent; and finance, 0.7 percent.
The total compensation per employee index was faster at 5.9 percent.
“Industries which recorded the fastest growth were: electricity and water with 8.5 percent and real Estate with 7.6 percent. On the other hand, finance and trade declined by 1.5 percent and 0.1 percent, respectively,” PSA said.
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