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Friday, March 29, 2024

February factory output likely up 8.7%

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Manufacturing output in February likely expanded 8.7 percent from a year ago, even as some companies were watchful of risks to growth, particularly the rising oil prices.

Moody’s Analytics, a division of Moody’s Corp., said in a report over the weekend that industrial production growth was expected to have “remained strong in February despite slowing slightly from January’s 9.3-percent increase.”

“The domestic economy continues to drive the rapid increases in manufacturing output as infrastructure projects and rising incomes support demand,” it said.

Moody’s also said that global conditions became more supportive of manufacturing, as evidenced by the improvements in merchandise exports from the Philippines that began in 2017.

The government is scheduled to release the industrial production data for the month of February on Tuesday.

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Manufacturing sustained growth in January as the volume of production index expanded 9.3 percent.

The National Economic and Development Authority said the increased production of basic metals, transport equipment, petroleum products and food manufactures continued to drive manufacturing output in January. 

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