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Financial News: Philippine Industrial Output Growth Eases To 2.2%

Philippine Industrial Output Growth Eases To 2.2%

07/09/2024 - 03:37:00 (RTTNews)

(RTTNews) - Philippine industrial production expanded at a slower pace in May, preliminary data from the Philippine Statistical Authority showed on Tuesday.

The value of production in the manufacturing industries rose 2.2 percent year-over-year in May, slower than the revised 5.7 percent gain in April. That was much slower than the expected increase of 6.2 percent.

The slower annual growth in May was mainly attributed to the deceleration in the growth rate of the manufacture of computer, electronic, and optical products industry division to 1.6 percent from 9.4 percent in April. The yearly growth in the production of electrical equipment moderated to 22.8 percent from 45.7 percent.

The most negative contribution came from a 21.8 percent plunge in the manufacture of wood, bamboo, cane, rattan articles, and related products.

On a monthly basis, industrial production rose a seasonally adjusted 0.4 percent from April, when it grew by 0.7 percent.

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