The country’s industrial sector likely eased in April this year, but still managed to post a high single-digit growth, Moody’s Analytics’ estimates showed.
In its recent Asia Pacific Economic Data Preview, Moody’s Analytics said they see Philippine industrial production likely slowed down to a 7-percent growth in April.
This is lower than the 7.8-percent growth in industrial production posted in March.
“Philippine industrial production likely eased slightly to 7 percent in April, from 7.8 percent in March. Industrial production has been expanding rapidly in recent months, thanks to strong domestic conditions outweighing external weakness,” Moody’s Analytics said.
The research arm of the international credit watcher also expressed optimism on the country’s growth
momentum this year.
“Consumption and investment will remain strong throughout 2016, which will sustain strong growth in manufacturing output,” Moody’s Analytics said.
The Philippine Statistics Authority (PSA) reported last month that the volume of production index slowed down in March compared to its level last year, but remained in the positive territory of growth.
PSA said 10-of-the-12 sectors in manufacturing contributed to the sector’s positive growth—including tobacco products with 82.6-percent growth, nonmetallic mineral products with 28.5 percent, machinery (except electrical) with 27.8 percent, wood and wood products with 24.5 percent, fabricated metal products with 18.7 percent, basic metals with 17.3 percent and paper and paper products with 15.7 percent.
Also, food manufacturing contributed 15.3 percent, as well as rubber and plastic products with 14.5 percent, and electrical machinery with 13 percent.
The PSA is expected to release the country’s April’s production index data next Thursday.
