Factory output contracted year-on-year in September 2024, the Philippine Statistics Authority said Wednesday.
Results of the Monthly Intergrated Survey of Selected Industries showed that the volume of production index (VoPI) registered an annual decline of 6.3 percent in September, after exhibiting an annual increment of 1.2 percent in August 2024.
“This brings the average growth rate of VoPI for manufacturing from January to September 2024 to 1.0 percent. In September 2023, the VoPI for manufacturing recorded an annual increase of 9.5 percent,” the PSA said.
The value of production index also slumped by 7.6 percent in September 2024 from an annual increase of 0.01 percent in August 2024.
This brought the average growth rate of VaPI from January to September 2024 to 0.03 percent. The VaPI for manufacturing recorded an annual increase of 9.2 percent in September 2023.
