Among industries, Finance posted the fastest growth at 18.1 percent from 12.7 percent followed by Private Services with an accelerated growth of 14.8 percent from 9.4 percent in the previous year. Meanwhile, Real Estate, the fastest growing industry for the past 2 years, decelerated to 12.1 percent from 28.1 percent. Trade and Manufacturing, likewise, contributed positively to the growth with 11.1 percent and 6.6 percent from 15.9 percent and 1.1 percent, respectively. On the other hand, Transport and Communication declined by 0.1 percent from a growth of 8.8 percent.

Total Employment Index slowed down to 1.3 percent from a growth of 3.0 percent in the previous year. This was due to the slower growths in Manufacturing and Real Estate sectors. The deceleration was further compounded by the continued decline in Transportation and Communication, and Trade with negative 3.2 percent and negative 1.8 percent, respectively. On the other hand, Mining and Quarrying and Private Services paced up to a growth of 11.4 percent and 6.7 percent, respectively in Q1 2013.

Total Compensation Index managed to maintain its growth to 8.0 percent in Q1 2013 from 8.8 percent a year ago.  Mining and Quarrying recorded the fastest growth at 18.0 percent from 11.2 percent. This was followed by Transportation and Communication at 15.8 percent, which expanded from its 3.7 percent growth in 2012. The rest of the sectors also recorded positive growths in Compensation Index during the quarter.

With compensation growing faster than employment, Total Compensation per Employee Index accelerated to 6.6 percent from 5.7 percent in the previous year. Growth was driven by the robust performance of Transport and Communication, which grew by 19.7 percent, and the favorable performance of the other sectors. Real Estate, however, continued to decline by 5.1 percent.

This report is based on the July 2013 issue of the Quarterly Economic Indices (QEI) of the Philippines. 

 

 

 

 

Secretary General