NSCB - Press Statement - Total Gross Revenue Index of Industries decelerates in Q3 2009

Total Gross Revenue Index of Industries decelerates in Q3 2009
(PR-201002-ES1-01 , Posted 24 February 2010)

Total Gross Revenue Index of industries registered a sluggish growth of 0.7 percent in the third quarter of 2009 from a 13.8 percent in the same quarter, a year ago. Finance posted the fastest and the only double-digit growth at 11.8 percent, followed by Transportation and Communication at 7.7 percent and Trade at 5.7 percent. Manufacturing, however, declined by 12.4 percent, its third consecutive decline since the first quarter of 2009.

Meanwhile, Total Employment Index continued its downtrend, posting the ninth quarter drop at 5.2 percent. Mining and Quarrying declined by 18.3 percent followed by Manufacturing, Private Services and Real Estate at negative 7.8 percent, negative 5.5 percent and negative1.7 percent respectively. On the other hand, Finance posted the highest growth with 5.0 percent. Other sectors that posted positive employment growths are Transportation and Communication, Trade, Electricity and Water.

Total Compensation Index also declined by 1.7 percent from last year’s growth 7.3 percent. The biggest decline came from Manufacturing with negative 6.8 percent; followed by Mining and Quarrying with negative 5.2 percent and Transportation and Communication with negative 1.6 percent. Electricity and Water, Finance, Real Estate, Trade and Private Services likewise posted positive growths.

With total employment declining faster than compensation, Total Compensation Per Employee slowed down by 3.7 percent, from 10.3 percent in 2008. Mining and Quarrying posted the highest growth at 16.1 percent, its fifth consecutive double-digit growth since third quarter of 2008, followed by Private Services at 7.1 percent, Real Estate at 6.5 percent, and Electricity and Water at 5.6 percent. Other sectors, however, posted declines during the period: Transportation and Communication down by 4.7 percent; Finance down by 0.3 percent; and Trade by 0.2 percent.

This report is based on the February 2010 issue of the Quarterly Economic Indices (QEI) of the Philippines.

LINA V. CASTRO
Officer-in-Charge
Office of the 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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