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HomeCustoms & TradePH transport & communication cools but still leads Q2 industry growth

PH transport & communication cools but still leads Q2 industry growth

ID-100324779The Philippine transportation and communication sector posted growth of 9.3% in the second quarter of 2015, the fastest in the industrial sector but slower than last year’s 21.1% improvement, according to the Philippine Statistics Authority (PSA).

In its latest report, PSA said the country’s total gross revenue index grew 5.7% from April to June 2015, slower than the 10.8% progress posted a year ago. The growth was led by transportation and communication, private services, and finance.

Transport services cover the transport of passenger and freight by land, water and air, including transport-related operations like the operation of toll roads, terminal facilities, piers, and airports. They also cover services incidental to transport. Communication, on the other hand, includes mail express, telephone, radio, and related services.

Private services exhibited an 8.8% growth, an upturn from last year’s contraction by 2.5%. PSA noted that all other industries grew more slowly from the comparable period last year: finance grew 7.6% from 10.3%; trade at 6.9% from 9.6%; real estate at 5.3% from 15.8%; and manufacturing at 1% from 13.8%.

Total employment index registered a 2.8% growth, a slowdown from the 4.7% growth registered in the same quarter of 2014. Real estate continues to be the top gainer in employment, with an index growth of 12.9% from 10.4% last year. Employment in the transportation and communications sector contracted 1.5% (from 5.9% growth).

Total compensation likewise decelerated with a 5.9% growth compared to the 6.3% growth rate in the same quarter last year. The slowdown in compensation can be traced to the slower growth of real estate and finance, which posted expansions of 16.6% and 11.1% from 26.9% and 14.4%, respectively. Compensation growth in the transportation and communication sector was only 0.9%, a decline from 7.3% last year.

Image courtesy of khunaspix at FreeDigitalPhotos.net

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