The pace of growth in Philippine manufacturing likely dropped sharply to 7 percent year-on-year in September from double-digit levels last year, indicating the sector may have taken a breather after surging across the second half of 2013, Moody’s Analytics said in its latest weekly report.
The estimate mentioned by the unit of Moody’s Corp. in the report points to declines in electronic products output during the period in review.
The September estimate was lower than the actual 7.5 percent expansion recorded in August, as well as the revised 19 percent increase registered in September 2013.
Moody’s Analytics had originally estimated the August manufacturing expansion at 11 percent.
“August production surprised on the downside given that export demand remains firm, particularly from the US, and the domestic economy continues to expand,” it said.
The Philippine Statistics Authority (PSA) is expected to release the official September manufacturing output data today (Monday), based on the Monthly Integrated Survey of Selected Industries report.
The latest Moody’s Analytics forecast is part of its Asia Pacific Preview report, which provides a summary of major economic data due out this week in the Asia Pacific region.
Moody’s Analytics provides expertise in economic and consumer credit analysis, credit research and risk measurement, enterprise risk management and structured analytics and valuation.