Business

Index of industrial production up 0.44% in six months

The index of industrial production (IIP) in the first half of 2023 grew by only 0.44% compared to the same period last year due to decreasing orders, falling demand and rising input costs, according to the General Statistics Office (GSO).
Index of industrial production up 0.44% in six months ảnh 1Coal mining at Khanh Hoa coal mine in Thai Nguyen province. (Photo: VNA)
Hanoi (VNA) - The index of industrial production (IIP) in the first half of 2023 grew by only 0.44% compared to the same periodlast year due to decreasing orders, falling demand and rising input costs, according to the General Statistics Office (GSO).

The office pointed out that, in the period, the IIP of some key industries increased significantly year-on-year, includingcoke and refined petroleum (13.2%), metal ore mining (11.5%), rubber andplastic (7.2%), tobacco (6.7%), and beverages (5.7%).

Conversely, the index of others went down, including woodprocessing and wood product manufacturing (7.7%), paper and paper productmanufacturing (7.5%), and clothing and motor vehicle manufacturing (6.8%).

The GSO report also showed that the six-month IIP saw annual rises in 48 provinces and centrally-run cities and decreases in 15 others nationwide.A number of localities achieved a relatively high increase in their indexes thanksto the growth in the industries of manufacturing and processing as well as electricityproduction and distribution.

In the first half, the consumption index of the entiremanufacturing and processing industry decreased by 2.2% from the same period in2022, while its average inventory ratio was 83.1% compared to 78% posted lastyear.

To further promote production, the Ministry of Industry andTrade has requested localities and sectors involved to complete their related industrialdevelopment projects, strategies and plans; and tackle hurdles facingenterprises./.
VNA
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