Based on the preliminary results of a monthly survey, the PSA said the year-on-year value of production index (VaPI) and the volume of production index (VoPI) increased by 10.3 percent and 8.1 percent in May, respectively.
The PSA said the May VaPI is faster than the April annual growth of 10.1 percent. In May 2022, the VaPI yearly growth was 6.6 percent.
The agency attributed the annual growth of the VaPI in May 2023 to the faster yearly increase in the manufacture of electrical equipment industry division at 54.2 percent from 19.5 percent in April.
It contributed 26.7 percent to the uptrend of VaPI for the manufacturing section in May. Other main contributors were the slower annual decreases in the manufacture of chemical and chemical products, and the manufacture of computer, electronic and optical products.
On the other hand, the PSA said the May VoPI is faster than the 7.7 percent annual growth in April. In May 2022, the VoPI recorded an annual drop of 0.6 percent.
The agency said the annual growth of VoPI in May 2023 was mainly contributed by the annual upturn in the manufacture of electrical equipment, with 53.7 percent from 19.2 percent in April.
It contributed 27.3 percent to the annual acceleration of VoPI of the manufacturing sector in May. Other primary contributors were the slower annual decline noted in the manufacture of chemical and chemical products, and the annual increase in the manufacture of beverages.
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