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Thursday, January 29, 2004
RP manufacturing output tumbled 8% in November
MANILA—Philippine manufacturing output in November plunged eight percent from a year earlier, continuing a downturn that began in September, the National Statistics Office said yesterday.
There was lower output of leather products, tobacco, footwear, apparel, furniture and fixtures, it said in a statement.
Also down was the production of non-metallic minerals, electrical machinery, transport machinery, petroleum and chemical products, it said.
Manufacturing output fell a revised 5.5 percent in October, the office said, from an earlier estimate of a four percent decline.
From the previous month, output in November was down 3.6 percent.
Among the sectors that posted growth from the previous year were food manufacturing, fabricated metal products, tobacco, paper, non-electrical machinery, publishing and printing and basic metals.
Factories ran at an average capacity of 78.4 percent for the month, compared to 78.9 percent in October.
Moody’s Investors Service on Tuesday cut Manila’s foreign currency long-term bonds and notes down one notch to Ba2 from Ba1, citing fiscal problems and the “unsettled political dynamics” ahead of the May 10 presidential election.
President Gloria Arroyo has said the economy grew by 4.4 percent last year but actual growth figures have yet to be released. (AFP)
(January 29, 2004 issue)
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