Factory output, value snap 12-month decline

Factory output grew for the first time in November after 12 months of decline, following increased oil, tobacco and electrical machinery production, the government said on Tuesday. Nonmetallic mineral, rubber, plastic and transport equipment products also contributed to the 6.5-percent yearly growth, the National Statistics Office (NSO) said. On a monthly basis, the value of production index was up by 0.5 percent in November. Eleven major sectors posted gains, led by paper's 12-percent growth. Meanwhile, factory production value also grew after 12 months of slide, mainly due to increased oil production. Petroleum output went up by 42.9 percent in November after dropping by 31.1 percent in the prior month. "Other major sectors that posted two-digit increases were miscellaneous manufactures, tobacco products, nonmetallic mineral products, basic metal, and rubber and plastic products," the NSO said. On a monthly basis, growth in the value of production slowed to 1.1 percent in November. Twelve of the 20 major sectors accounted for the incremental growth, led by paper, whose production value went up by 12.5 percent. — NPA, GMANews.TV