IIP experiences sharp drop in April

VGP – The index of industrial production (IIP) in April witnessed a month-on-month decline of 13.3% and a year-on-year drop of 10.5%, the General Statistics Office (GSO) reported.

May 04, 2020 2:00 PM GMT+7

In April, the mining and processing-manufacturing decreased by 10.7% and 11.3% respectively while electricity production and distribution shrank by 6.9% and water supply and sewage treatment fell by 2%.

In the first four months, IIP picked up 1.8%, the lowest level for years. Processing and manufacturing industries, electricity production and distribution, water supply, sewage treatment, and mining dropped by 3%, 2.9%, 3.6%, and 6.8%, respectively.

Experts attributed the imported raw material shortages to low IIP especially production of motor vehicles (down 14.2%), beverage (down 13.9%), crude oil and gas (down 10.8%).

On the other hand, some industries witnessed positive increases including drug and medicine production (up 25.9%), coal and refined petroleum products (up 18%), and metal ores (up 16.5%)./.

By Kim Loan