Philippine factory output contracts 6.3% in March
Philippine factory output contracted in March, dropping by 6.3% year-over-year as the enhanced community quarantine (ECQ) implemented in mid-March halted economic activity.
This marks a decline from February's revised 4% growth and is the lowest reading since December 2019.
Fifteen major industry groups contributed to this contraction, with significant decreases seen in petroleum products (-34.3%), tobacco products (-33.9%), and miscellaneous manufactures (-29.0%).
Other industries experiencing drops included non-metallic mineral products (-24.8%), paper and paper products (-22.8%), electrical machinery (-20.1%), leather products (-15.0%), footwear and wearing apparel (-11.5%), beverages (-10.4%), machinery except electrical (-10.1%), textiles (-9.9%), basic metals (-6.7%), and rubber and plastic products (-4.4%).
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