Business

National index of industrial production down in January

Vietnam's index of industrial production (IIP) in January declined by 5.5 percent year-on-year and 11.8 percent month on month, according to the General Statistics Office (GSO).
National index of industrial production down in January ảnh 1Vietnam's index of industrial production falls in January due to the Lunar New Year holiday. (Photo: dangcongsan.vn)

Hanoi (VNA) - Vietnam's index of industrialproduction (IIP) in January declined by 5.5 percent year-on-year and 11.8 percentmonth on month, according to the General Statistics Office (GSO). 

This reduction was due to the Lunar New Year holiday at the end ofJanuary this year, reducing the number of working days, said GSO economists.

The mining sector saw the strongest reduction of 18.4 percent year on yearin IIP in the first month this year. 

The processing and manufacturing sector, responsible for a large part ofdomestic industrial production, reported IIP reduction of 4.8 percent while theIIP of electricity production and distribution fell by 3.5 percent. 

Meanwhile, the IIP of the water supply and waste-sewage treatment sectors roseby 1.6 percent year on year.

Many industrial products had a strong reduction in output, such as automobiles(38 percent), sugar (30.4 percent), motorbikes (22 percent), liquefiedpetroleum gas (21.2 percent), coal (18.5 percent), milk powder (18.4 percent)and raw steel (15.1 percent).

However, some industrial products posted growth in production,including metal ore (34.3 percent), steel bars and steel angle bars (23.5percent) and mobile phones (10.4 percent).

GSO officials said production is expected to recover soon because, in January, the number oflabourers in industrial enterprises increased by 0.5 percent year on year./.
VNA
#index of industrial production #declined by 5.5 percent #General Statistics Office (GSO) #Lunar New Year holiday #mining sector #industrial products #Vietnam News Agency #Vietnamplus
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