Financial News: Philippine Industrial Output Growth Eases To 4.9%

Philippine Industrial Output Growth Eases To 4.9%

(RTTNews) - Philippine industrial production growth eased for the second straight month in March, largely due to a slower expansion in the beverages industry division along with a slump in chemical industry output, preliminary data from the Philippine Statistical Authority showed on Tuesday.

The value of production in the manufacturing industries climbed 4.9 percent year-over-year in March, slower than the revised 9.0 percent gain in February.

The slowdown at the end of the first quarter was largely attributed to developments in the beverages industry division, which grew 11.0 percent annually in March compared to a 27.2 percent surge in February.

Production of chemicals and chemical products fell sharply by 25.5 percent in March, versus a 5.7 percent drop in the previous month. 

Meanwhile, the manufacture of transport equipment advanced 22.1 percent annually in March.

In March, the volume of industrial production increased at a slower rate of 2.2 percent year over year, following a 5.2 percent increase in February.

Data also showed that the net sales index declined 0.9 percent annually in March, in contrast to a 6.9 percent rise a month earlier.

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