July 11, 2013

Factory output expands in May

The National  Statistics Office’s (NSO) Monthly Integrated Survey of Selected Industries released yesterday showed manufacturing output as measured by the Volume of Production Index (VOPI) grew 20.4% in May, much faster than the revised 8.7% expansion posted in April.

Petroleum products contributed significantly to the increase with 139.4%, followed by other major sectors that posted two-digit increases, namely: chemical products (84.8%), basic metals (68.1%), furniture and fixtures (56.6%) and electrical machinery (12%).

The Value of Production Index (VAPI) also improved in May as it grew 9.7%, reversing the revised 1.6% contraction seen in April.

This was attributed to the significant expansion observed in petroleum products which posted a three-digit growth of 136.6%, followed by two other major sectors that showed two-digit increments such as chemical products (73.8%) and basic metals (49%). - WealthSec