Factory output growth slows in May

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The country’s factory output recorded a slower growth in May 2024, data released by the Philippine Statistics Authority (PSA) showed.

According to the latest Monthly Integrated Survey of Selected Industries, the Volume of Production Index (VoPI) posted a slower growth of 3.2 percent in May 2024.

In comparison, manufacturing output expanded by 6.3 percent in the previous month and 6.1 percent in the same period in 2023.

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The PSA said the downward trend in the year-on-year growth rate of VoPI for manufacturing in May 2024 was primarily driven by the manufacturing performance of fabricated metal products, except machinery and equipment, which posted a 13.4 percent annual decline from a double-digit annual growth of 29.9 percent in April 2024; chemical and chemical products, with an 11.7 percent annual drop from a year-on-year increase of 16.6 percent in the previous month; and computer, electronic and optical products, which contracted by 0.3 percent from the 5.2 percent growth in April 2024.

Of the remaining 19 industry divisions, 12 exhibited annual declines during the period.

Year-to-date, VoPI inched up by 0.9 percent.

Meanwhile, the Value of Production Index (VaPI) for manufacturing also registered a slower year-on-year increase of 2.2 percent in May 2024 relative to its annual growth of 5.7 percent in April 2024.

To compare, in May 2023, VaPI for manufacturing recorded an annual increase of 8.5 percent.

In the first five months of the year, the VaPI contracted by 0.1 percent.

Based on responding establishments, the average capacity utilization rate for the manufacturing sector in May 2024 was reported at 75.5 percent, from 75.3 percent capacity utilization in the previous month.

In May 2023, the average capacity utilization rate was recorded at 73.5 percent.

 

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