MANILA (Philippine Daily Inquirer/Asia News Network): Factory output growth moderated to a still strong 124 per cent year-on-year in September on the back of the expansion posted in 13 industries, the Philippine Statistics Authority (PSA) reported on Tuesday (Nov 9).
The PSA’s monthly integrated survey of selected industries report for September showed the increase in volume of production index (VoPI)—a proxy for factory output—slowed compared to August’s 533.6 per cent, which had been lifted by low-base effects during last year’s stringent lockdowns, which stopped some economic activities, including manufacturing of nonessential goods.
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