In the fourth quarter of 2012, Total Gross Revenue Index of key industries grew by 7.0 percent from the previous year’s growth of 9.1 percent.
Among industries, Real Estate still registered the fastest growth at 22.0 percent, from 25.2 percent in the previous year. Private Services followed with 11.8 percent from 8.9; Finance grew by 9.9 percent from 11.1 percent; Trade was up by 7.7 percent from 10.5 percent; Manufacturing grew by 6.2 percent; and Transport and Communication rose by 4.8 percent from 4.9 percent.
Total employment index, on the other hand, increased by 2.2 percent from a measly growth of 0.9 percent in the previous year. This was due to the increase in employment from Real Estate and Private Services by 9.7 percent and 6.8 percent respectively. All other sectors recorded positive growths in Employment Index except in Transportation and Communication and Trade which declined by 2.4 percent and 1.5 percent, respectively.
Total Compensation Index expanded to 10.4 percent in Q4 2012 from 5.7 percent the year before. Private Services continued to record the fastest growth at 16.9 percent from 7.5 percent. This was followed by Finance at 5.5 percent, which rebounded from its 17.9 percent decline in 2011. The rest of the sectors also recorded positive growths in Total Compensation Index in Q4 2012.
With compensation growing faster than employment, Total Compensation per Employee Index accelerated to 8.0 percent from 4.7 percent in the previous year. Growth was driven by the robust performance of Transport and Communication, which grew by 14.8 percent, and the favorable performance of the other sectors. Real Estate, however, declined by 5.2 percent.
This report is based on the April 2013 issue of the Quarterly Economic Indices (QEI) of the Philippines.
JOSE RAMON G. ALBERT
Secretary General