All-industry revenue up 8.3% in Q2 led by finance

REVENUE GROWTH across all industries was 8.3% in the second quarter, accelerating from 6.9% in the first quarter and 7.3% a year earlier, the Philippine Statistics Authority (PSA) said.

The PSA’s findings were contained in the October issue of its Quarterly Economic Indices report, which said the leading industry for revenue growth during the period was finance at 13.5%.

Revenue growth in manufacturing was 8.9% while that of wholesale and retail trade services was 8.3%.

The employment index rose 1.1% during the period, much slower than the 4.2% registered a year earlier.

Broken down into subsectors, employment in electricity and water grew 4% during the period; trade, 2.4%; private services 1.8%; transportation and communication 1.4%; manufacturing 0.8%; and finance 0.04%.

On the other hand, employment in real estate and mining and quarrying declined by 0.5% and 5.3% respectively year on year.

The compensation index grew 6% during the period, slowing from 7.8% a year earlier.

Compensation in private services rose 8.4% during the period, followed by real estate at 7.7%; electricity and water 7.6%; manufacturing 5.2%; finance 5.1%; transportation and communication 4.2%; and trade 2.3%. Only mining and quarrying dropped, by 2.7%.

On a per-employee basis, compensation expanded by 4.8%.

Industries with the highest per-employee growth were: real estate at 8.2%, private services 6.5%, and finance 5%. Meanwhile, trade contracted by 0.1%.