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Factory output manages rare 0.5% growth in Jan.

03/27/2008

Industrial output eked out a rare 0.5-percent growth in January to reverse a nearly one-year consecutive monthly contraction, according to data released yesterday by the National Statistics Office (NSO).

NSO’s monthly integrated survey of selected industries (MISSI) showed the volume of production index (VoPI) grew by 0.5 percent on year in January mainly as a result of higher factory output in 12 major sectors, with two-digit increases registered by the leather products, miscellaneous manu-factures, tobacco products, wood and wood products, fabricated metal products, beverages and machinery, excluding electrical sectors.

VoPI, on month, however, fell by 11.1 percent due to the significant decreases observed in the following major sectors: Food manufacturing, beverages and petroleum products, according to NSO.

It added its value of production index (VaPI) for the month continued a downtrend as it posted a decline of 1.4 percent in January from a year ago. “This was brought about by the sluggish performance in production observed in the following major sectors: furniture and fixtures, food manufacturing and transport equipment,” NSO said.

Also, the VaPI dropped by 11 percent from the previous month. “Production value of the eight major sectors contracted, with two-digit decreases observed in the food manufacturing, petroleum products and beverages sectors,” it said.

Average capacity utilization in January for the surveyed manufacturing firms was estimated at 80.2 percent with nine major sectors registering more than 80-percent capacity utilization rates.

These sectors included the basic metals, paper and paper products, leather products, petroleum products, food manufacturing, miscellaneous manufactures, electrical machinery, footwear and wearing apparel and chemical products (excluding plastic products).

“The proportion of establish-ments that operated at 90 percent to full capacity was 10.1 percent in January with more than half or 59 percent of the establishments operating at 70 percent to 89-percent capacity, while 30.9 percent of the establishments operated below a 70-percent capacity.