Industrial production on recovery path

Industrial production on recovery path

The index of industrial production (IIP) saw a 5.4 per cent growth in the first two months of this year in comparison with the same period in 2013

The General Statistics Office (GSO) reported that at the same time, the index of inventory in the manufacturing and processing sectors accounted for 75 per cent of the entire industrial production. It rose 12.7 per cent year-on-year. In January alone, the index of inventory was up 9.7 per cent.

According to GSO economists, the domestic industrial production has been recovering amid the many challenges still being faced by the global and local economy.

The growth of IIP in the first two months showed that businesses had invested strongly in production to keep pace with the economic recovery.

The processing and manufacturing industry, especially, has seen a handsome growth of 7.8 per cent in the first two months, compared with the 5 per cent growth in the same period last year.

Many industries also saw high growth in the first two months, such as garment and textile which was up 21.1 per cent, leather by 19.2 per cent, ready-made garments by 15.3 per cent, electronics and computers by 10.4 per- ent, television production by 38.3 per cent and rolled steel by 22 per cent.

However, some key industrial products saw low or reduced growth such as crude oil which was decreased by 1.4 per cent, electricity equipment by 1 per cent and motorbike production by 11.2 per cent.

In addition, some industries saw high inventory. The volume of the stockpile of drugs and medicinal herbs rose by 104.8 per cent, of chemicals and chemical products by 43.6 per cent and leather products by 36.8 per cent.

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