Inquirer
PH manufacturing growth, external trade slowed in April
Philippine manufacturing experienced a slowdown in growth in April, with the volume of production index (VoPI) increasing by 3.4% year-on-year.
This growth rate is a deceleration compared to the 352.3% recorded in March and 157.8% in April of the previous year.
The manufacture of textiles was the primary driver of growth, contributing significantly to both the volume and value of production increases.
Despite overall expansion, the manufacture of equipment saw a notable decline of 28.1% in production volume.
The value of production index (VaPI) grew by 9.7%, also slower than previous periods, with textiles leading the expansion.
The value of net sales index rose by 20.1%, while the volume of net sales index increased by 13.3%, both showing moderated growth compared to March and April 2021.
A total of fourteen industry divisions expanded, while eight experienced contractions in production volume during April.
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News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
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The World Bank maintained its 5.7% economic growth forecast for the Philippines in 2022, which is below the government's target of 7% to 8%.
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