NSCB - Press Statement - Total Gross Revenue Index of Industries Slows Down in Q1 2009

Total Gross Revenue Index of Industries Slows Down in Q1 2009
(PR-200907-ES1-03 , Posted 29 July 2009)

Total Gross Revenue Index of industries slowed down to 4.1 percent in the first quarter of 2009 from 10.1 percent in the same quarter, a year ago. Trade posted the fastest and the only double-digit growth at 10.0 percent. The second highest growth came from Real Estate at 6.7 percent, decelerating from a 21.4 percent growth in the same quarter of the previous year. Manufacturing, however, posted negative 9.8 percent, its only decline in a decade of positive growths.

Total Employment Index, on the other hand, continued to decline as it posted its seventh quarter drop at 7.2 percent. Real Estate, Trade, Electricity and Water, Transportation and Communication, Private Services and Finance posted minimal positive employment growths and these were not enough to offset the double-digit decline in Manufacturing at 12.0 percent as well as the decline in Mining and Quarrying at 1.3 percent.

Meanwhile, Total Compensation Index managed to grow slightly by 0.2 percent growth in the first quarter of 2009 from last year’s 7.2 percent growth. The highest growth was recorded in Mining and Quarrying at 9.5 percent, followed by Real Estate at 9.4 percent. Except for Manufacturing and Finance which both declined by 11.3 percent and 2.7 percent, respectively, all other sectors posted positive growths.

With the decline in employment and the increase in compensation, Total Compensation Per Employee rose by 8.0 percent. Mining and Quarrying posted the highest growth at 11.0 percent, followed by Real Estate at 5.8 percent, Private Services at 5.1 percent, Transportation and Communication at 4.7 percent, Electricity and Water at 4.2 percent, Trade at 1.7 percent and Manufacturing at 0.8 percent. Only Finance posted a decline of 2.8 percent.

This report is based on the July 2009 issue of the Quarterly Economic Indices (QEI) of the Philippines

ROMULO A. VIROLA
Secretary General

Contact Persons:

Ms. Maria Fe M. Talento/ Ms. Rhea-Ann A. Bautista/ Ms. Mai Lin C. Villaruel
Telefax No.: (632) 896-5372
E-mail: mfm.talento@nscb.gov.ph; raf.austria@nscb.gov.ph; mlc.villaruel@nscb.gov.ph

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