Philippine manufacturing continued to decelerate in December 2022 with the full-year growth rate halved compared with the previous year, government data released Thursday showed.
The Philippine Statistics Authority reported the volume of production index growth at 4.8% last December, slower than the 5.9% in November and 19.2% in December 2021.
Among those that saw expansions were fabricated metal products except machinery and equipment posted the highest annual growth rate of 52.9% in December 2022. Manufacture of transport equipment grew by 3.2%, slower than the 20.5% in November, while manufacture of computer, electronic, and optical products grew by 24.1%, slower than 32.3% the previous month.
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