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 2.2 percent and 2.5 percent in June, respectively.
The PSA said the VaPI rose at a slowed annual rate of 2.2 percent in June 2024 from a yearly increase of 2.3 percent in May, bringing the average VaPI growth rate from January to June this year to 0.5 percent.
In June 2023, the VaPI yearly growth rose 2.7 percent.
The PSA attributed the slower annual increase in the VaPI in June to the decline in the manufacture of basic metals, which decreased to 17.5 percent during the month from an annual decrease of 3.1 percent in May.
The manufacture of basic metals contributed 28.5 percent to the downtrend of VaPI for the manufacturing section in June. Other primary contributors to the slower increase of VaPI were the annual decrease in the manufacture of transport equipment, and the slower annual increase in the manufacture of coke and refined petroleum products.
Meanwhile, the PSA said the VoPI registered an annual growth of 2.5 percent in June 2024, slower than its annual increase of 3.2 percent in May 2024. This brings the average growth rate of VoPI from January to June to 1.3 percent.
In June 2023, VoPI recorded an annual increase of 2.1 percent.
The PSA said the downtrend in the year-on-year growth rate of VoPI for manufacturing was primarily driven by the same top three industry divisions that contributed to the slower annual increase of VaPI for manufacturing in June. These are the manufacture of basic metals, the manufacture of transport equipment, and the manufacture of coke and refined petroleum products.
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