Total Gross Revenue Index of key industries grew by 6.3 percent in the first quarter of 2014, lower than the 9.5 percent expansion a year ago.

Among industries, Transportation and Communication sustained its growth with two consecutive quarters of fastest growth at 15.7 percent for the period, a rebound from a negative growth of 0.1 percent in the same period in 2013. It was followed by Real Estate which maintained a double-digit growth of 13.4 percent from 12.1 percent. All other industries also posted positive growths, although at a decelerating pace, with Trade and Manufacturing at 7.1 percent and 2.2 percent from 11.1 percent and 6.6 percent, respectively. Meanwhile, Finance and Private Services likewise slowed down, with 6.7 percent and 5.1 percent from 18.1 percent and 14.8 percent, respectively.

Total Employment Index posted a slight improvement of 1.4 percent growth from 1.3 percent in Q1 2013. This growth was largely contributed by the upturn of Transportation and Communication and Trade which rebounded to 8.7 percent and 3.8 percent from negative 3.2 percent and negative 1.8 percent, respectively, in the previous year. Similarly, positive growth was also attributed to Finance with a growth of 8.5 percent from 1.0 percent, the fastest since Q1 of 2008 and Real Estate which sped up to 9.8 percent from 6.7 percent. Albeit the slowdown, Private Services and Manufacturing managed to contribute positively with 1.7 percent and 0.01 percent growth from 6.7 percent and 1.0 percent, respectively. On the other hand, Electricity and Water and Mining and Quarrying pulled down the Employment Index with a negative growth of 0.04 percent and 8.9 percent from 1.6 percent and 11.4 percent, respectively. 

Total Compensation Index decelerated to 5.2 percent in Q1 2014 from the previous year’s growth of 8.0 percent.  The deceleration was contributed by the weakening of Mining and Quarrying (negative 4.9 percent from 18.0 percent), Transportation and Communication (5.9 percent from 15.8 percent), Manufacturing (negative 2.9 percent from 6.8 percent) and Trade (2.8 percent from 6.0 percent). Meanwhile, Real Estate recorded the fastest growth with 25.8 percent from 1.3, followed by Private Services and Finance with 11.9 percent and 11.7 percent from 6.9 percent and 3.3 percent in Q1 2013. Electricity and Water also contributed positively with 3.4 percent growth from 2.5 percent in the same period in the previous year. 

With the slowdown in Compensation Index and the minimal growth in Employment Index, Total Compensation per Employee Index slackened to 3.7 percent from 6.6 last year. The deceleration was attributed to the downswing of Transportation and Communication (negative 2.6 percent from a double-digit growth of 19.7 percent), Trade (negative 0.9 percent from 7.9 percent), Manufacturing (negative 2.9 percent from 5.8 percent), and Mining and Quarrying (4.4 percent from 5.9 percent). The remaining industries, namely: Private Services, Electricity and Water, and Finance recorded an accelerated growth in Q1 2014, while Real Estate managed to bounce back from slack last year.

LISA GRACE S. BERSALES
National Statistician