Factory output grew 5.3 percent year-on-year in July 2024, faster than the 3.6-percent rise in June, the Philippine Statistics Authority (PSA) said Friday.
It was also higher than the 3.6-percent increase in the volume of production index (VoPI) registered in July 2023.
“This brings the average growth rate of VoPI for manufacturing from January to July 2024 to 2.1 percent,” the PSA said.
The PSA said the manufacture of electronics, transport equipment and food contributed to the uptrend in the year-on-year growth of VoPI in July.
The manufacture of computer, electronic and optical products posted a 12.5-percent annual increase in July, faster than 1.9 percent in June. Manufacture of transport equipment rebounded 0.4 percent from a 8.1-percent decline in the previous month, while food production grew 14.0 percent, higher than 11.4 percent in June.
Meanwhile, the value of production index (VaPI) also registered a faster annual increase of 4.7 percent in July, compared to 3.3 percent in June.
This brought the average growth rate of VaPI for manufacturing from January to July to 1.3 percent.
Based on responding establishments, the average capacity utilization rate for the manufacturing sector was at 75.6 percent in July, up from 75.3 percent in June.
“All industry divisions reported capacity utilization rates of more than 60.0 percent during the month. The top three industry divisions in terms of reported capacity utilization rate were manufacture of manufacture of machinery and equipment except electrical [83.6 percent], other non-metallic mineral products [81.4 percent] and manufacture of textiles [80.4 percent],” it said.
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