Industrial production maintains steady growth
Industrial production maintains steady growth
The Index of Industrial Production (IIP) for the first 11 months of 2016 rose by 7.3 per cent compared with the same period in 2015, according to the General Statistic Office (GSO).
An IIP increase of over seven per cent was maintained in the first four months of 2016 at 7.3 per cent, although the increase in November was slightly lower than October 2016, at 7.4 per cent and 9.9 per cent compared with the same period in 2015.
According to the GSO, the main reason for the lower percentage compared with 2015 is due to a lower consumer price index (CPI).
CPI throughout 2016 was well over eight per cent, while CPI in 2015 was documented at a 12-13 per cent increase.
Although the overall level of increase in IIP is lower than last year, secondary industries in the first 11 months of 2016 improved significantly with high growth rate, such as the metal and textile industries at 17.3 per cent, while electricity increased by 12.3 per cent.
The manufacturing industry, which accounts for 75 per cent of total industrial production in the country, increased by 11 per cent.
However, mining continued to decrease sharply with a drop of 6.3 per cent, together with other industrial products which witnessed a slow rise or decline, such as motorcycles with only a 2.3 per cent increase and leather footwear up by 1.9 per cent.
Crude oil was down by 10 per cent and refined sugar went down by 7.7 per cent.
