Among industries, Transportation and Communication posted the fastest growth at 15.9 percent from 4.8 percent in the same period in 2012, the fastest growth since Q4 2004. It was followed by Finance which also exhibited an accelerated growth of 10.5 percent from 9.9 percent. Likewise, Trade and Manufacturing registered accelerated growths at 8.2 percent and 8.0 percent from 7.7 percent and 4.9 percent, respectively. Meanwhile, Real Estate and Private Services continued to contribute positively to growth, however at a slower pace, with 9.8 percent and 3.3 percent from 22.0 percent and 11.8 percent, respectively.

 

Total Employment Index inched up with 2.9 percent growth from 2.2 percent in Q4 2012. The accelerated growth was largely attributed to the turnaround growths of Transportation and Communication; and Trade with 5.6 percent and 4.4 percent from a decline of 2.4 percent and 1.5 percent in the previous year, respectively. Despite the slowed down growth in both Gross Revenue Index and Employment Index, Real Estate, among all other industries, posted the highest growth in Employment Index with 9.0 percent from 9.7 percent.  The remaining industries namely: Finance, Mining and Quarrying, Manufacturing and Private Services all contributed positively to the growth in Q4 2013 with 4.1 percent,4.0 percent,2.6 percent, and 2.0 percent, respectively except for Electricity and Water which declined by 0.1 percent.

 

However, Total Compensation Index decelerated to 6.1 percent in Q4 2013 from the previous year’s growth of 10.4 percent.  The slowdown was contributed by the decelerated growth of Electricity and Water (1.7 percent from 8.0 percent), Transportation and Communication (2.9 percent from 12.0 percent), Trade (3.1 percent from 5.6 percent), and Private Services (7.1 percent from 16.9 percent). Meanwhile, Real Estate, Finance, Mining and Quarrying, and Manufacturing grew at a faster rate in Q4 2013 with 13.8 percent,11.8 percent,10.8 percent and 8.9 percent, respectively. 

 

With the acceleration in Employment Index and deceleration in Compensation Index, Total Compensation per Employee Index decelerated to 3.1 percent from 8.0 percent in the previous year. The decelerated growth was due to the decline in Transportation and Communication by 2.6 percent from 14.8 percent and trade by 1.2 percent from 7.2 percent compounded by the deceleration in Private Services and Electricity and Water. All other industries, namely: Finance, Manufacturing, and Mining and Quarrying posted an accelerated growth in Q4 2013 while Real Estate recovered from a negative growth recorded in the previous year.

 

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

 

 

National Statistician