Industrial production index’s expansion slows down in November
The Index of Industrial Production (IIP) in November saw the lowest rise since the beginning of 2019 at 5.4 percent, mostly due to the slowing-down of mining and processing-manufacturing sectors, according to the General Statistics Office (GSO).
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| Illustrative image (Source: VNA) |
The IIP decreased by an estimated 1.6 percent compared to last month.
The mining sector suffered a fall of 5.3 percent in November due to a 46.4 percent reduction in the production of coke and refined oil. Meanwhile, production of the processing-manufacturing sector rose 6.5 percent thanks to a 2.1 percent rise in electronic products, computers and optical products.
Electricity production and distribution enjoyed an increase of 7.5 percent, while water supply, waste and wastewater treatment sector expanded 6.3 percent.
The GSO attributed the low yearly growth of the IIP in November to the Nghi Son Oil Refinery’s halting of operation for maintenance and low production of Samsung Bac Ninh and Thai Nguyen.
Meanwhile, the IIP for the first 11 months of 2019 expanded 9.3 percent year-on-year, lower than the 10 percent growth in the same period of 2018, with processing-manufacturing sector growing 10.6 percent
According to the office, industrial products that enjoyed high growth in the 11-month period included crude steel and iron (37.5 percent, petrol (23.9 percent), steel bars (20.5 percent), television (14.6 percent), mobile phones (12.3 percent), natural fabric (11.7 percent), chemical paint (11.2 percent), processed aquatic products (10.3 percent), and electricity generation (9.5 percent).
As of November 1, the total number of workers employed by industrial firms had rose 1.5 percent from one month before and 2.7 percent compared to the same time last year.
