Business

Industrial production index grows at slowest pace in many years

The Index of Industrial Production (IIP) in the first four months of 2020 grew by about 1.8 percent year on year, the slowest pace in many years, due to COVID-19, according to the General Statistics Office (GSO).
Industrial production index grows at slowest pace in many years ảnh 1A packaging factory in Kim Dong district, Hung Yen province (Photo: VNA)

Hanoi (VNA) – The Index of IndustrialProduction (IIP) in the first four months of 2020 grew by about 1.8 percentyear on year, the slowest pace in many years, due to COVID-19, according to theGeneral Statistics Office (GSO).

The processing-manufacturing sector rose 3percent; electricity production and distribution 2.9 percent; and water supply,waste and wastewater management and treatment 3.6 percent. Meanwhile, themining industry contracted 6.8 percent.

The GSO said the complex developments of theCOVID-19 pandemic around the world have led to a shortage of input materials,which has subsequently hit industrial production.

Motorized vehicle production was down 14.2percent; beverage production 13.9 percent; and crude oil and natural gasextraction 10.8 percent.

Other key products that followed the downwardtrend are beer (24.1 percent), automobiles (23.8 percent), sugarcane (23.5percent), motorcycles (16.6 percent), crude oil (12 percent), and liquefiedpetroleum gas (11.8 percent).

However, some industries still recorded fairgrowth such as medicine, pharmaceutical chemical product, and herbal materialmanufacturing (25.9 percent), coke and refined petroleum product production (16.9percent), and metal ore mining (16.5 percent).

In April alone, the IIP dropped by 13.3 percentmonth on month and 10.5 percent year on year.

The GSO said the COVID-19 pandemic’s impactshave forced a large number of businesses to lay off employees, adding that thenumber of employees at industrial firms on April 1 declined 1.1 percent monthon month and 1.6 percent year on year./.
VNA
#industrial production #General Statistics Office #IIP #processing-manufacturing #electricity production and distribution #mining industry #COVID-19 #updated Vietnam news #Vietnamplus #Vietnam News Agency
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