Financial News: Philippine Industrial Production Growth Eases To 2.2%

Philippine Industrial Production Growth Eases To 2.2%

08/07/2024 - 03:19:00 (RTTNews)

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

The value of production in the manufacturing industries rose 2.2 percent year-over-year in June, after the revised 2.3 percent gain in May.

The overall increase in June was largely on the back of a 46.0 percent surge in the manufacture of coke and refined petroleum products.

The slower annual growth in June was mainly attributed to a 17.5 percent plunge in the manufacture of basic metals, compared to 3.1 percent in May. The most negative contribution came from a 58.9 percent plunge in the manufacture of wood, bamboo, cane, rattan articles, and related products.

On a monthly basis, industrial production dropped a seasonally adjusted 1.2 percent from May, when it grew by 0.3 percent.

Separate official data showed that the unemployment rate in the country dropped to 3.1 percent in June from 4.1 percent in May. In the same month last year, the jobless rate was 4.5 percent.

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