The country’s industrial production growth eased annually in 2024 amid geopolitical tensions that dragged demand, the Philippine Statistics Authority (PSA) reported on Friday.
Preliminary data from the PSA’s latest Monthly Integrated Survey of Selected Industries showed that factory production, as measured by the volume of production index (VoPI), inched up by 0.9% on average last year, slowing down from the 4.9% growth in 2023.
This was the lowest year-on-year growth in four years or since the sharp 40.5% contraction during the coronavirus pandemic in 2020.
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