Total Gross Revenue Index of key industries grew by 10.8 percent in the second quarter of 2014, higher than the 9.6 percent expansion a year ago. 

Among industries, Transportation and Communication sustained its double digit growth at 21.1 percent in the period, compared to only 2.7 percent growth in the same period in 2013. It was followed by Real Estate which accelerated to 15.8 percent from 11.9 percent. All other industries posted positive growths, except for Private Services which contracted this quarter. Manufacturing grew by 13.8 percent from 3.0 percent last year. Meanwhile, Finance and Trade likewise slowed down, with 10.3 percent and 9.6 percent from 12.0 percent and 12.6 percent, respectively.

Total Employment Index improved from 1.1 percent growth in 2013 to 4.7 percent this year. Except for Electricity and Water which declined by 0.3 percent, all sectors went up. This growth of the Total Employment Index was largely contributed by the upturn of Transportation and Communication with 5.9 percent, and Manufacturing with 5.2 percent. Mining and Quarrying rebounded to 7.8 percent growth this year from the 1.7 percent drop posted in the same quarter last year. Meanwhile, Finance accelerated to 8.7 percent from 1.2 percent last year. Real Estate and Private Services slowed down to 10.4 percent and 5.3 from 11.2 percent and 5.8 percent last year. On the other hand, Trade slightly grew with 0.1 percent, albeit slower than the 3.1 percent in 2013.

Total Compensation Index accelerated to 6.3 percent, from 4.5 percent growth posted last year. The growth in compensation was led by Real Estate and Finance, which maintained its double-digit growth for the past two quarters with 26.9 percent and 14.4 percent, respectively. Private Services sped up with 8.3 percent growth from 6.6 percent growth last year. Transportation and Communication likewise accelerated with 7.3 percent growth compared to 6.8 percent in the same quarter in 2013. Similarly, Manufacturing went up by 6.1 percent growth this quarter from 1.6 percent growth last year. Mining and Quarrying slowed down in Q2 2014 only posting a 2.0 percent growth compared to the 12.7 percent in 2013.

Total Compensation per Employee Index decelerated to 1.5 percent from 3.3 percent registered last year. The deceleration was attributed to the decline in Mining and Quarrying which posted a negative 5.4 percent, Transport and Communication with 1.3 percent growth from 6.8 percent, Finance with 5.3 from 15.8 percent growth. Private Services, and Electricity and Water improved with 2.8 percent and 0.9 percent, respectively. The remaining industries, namely: Manufacturing, Real Estate, and Trade recorded decelerated growths in this quarter.

This report is based on the October 2014 issue of the Quarterly Economic Indices (QEI) of the Philippines.

FOR THE NATIONAL STATISTICIAN:

ROMEO S. RECIDE
(Interim Deputy National Statistician)
Officer-in-Charge