Philippine Industrial Production Growth At 6-Month Low

(RTTNews) - Philippine industrial production growth eased further in December to the lowest level in six months, largely due to a slower expansion in the transport equipment industry division, preliminary data from the Philippine Statistical Authority showed on Thursday.

The value of production in the manufacturing industries climbed 10.1 percent year-over-year in December, following a revised 12.5 percent gain in November. Production has been rising since April 2021.

Further, this was the slowest rate of growth since June, when production had risen 7.8 percent.

The slowdown at the end of the year was largely attributed to developments in the transport equipment division, which grew only 3.2 percent annually in December compared to a 20.5 percent surge in November.

Production of computer, electronic, and optical products also logged a slower growth rate of 24.1 percent in December versus a 32.1 percent jump in the previous month. 

In addition, the agency reported slowing annual growth rates in nine industry division indices.

The highest yearly growth was seen in the production of fabricated metal products, except machinery and equipment, with a 58.2 percent rise. 

Meanwhile, the manufacture of electrical equipment showed the steepest decline, at 54.4 percent.

In December, the volume of industrial production increased at a slower rate of 4.8 percent year on year, following a 5.9 percent increase in November.

Data also showed that the net sales index continued to increase at a slower rate of 17.6 percent annually in December, following a 17.8 percent rise a month earlier.