Manufacturing boosts production index

28-Aug-2014 Intellasia | VNS | 6:00 AM Print This Post

The nation’s industrial production saw a 7.1 per cent year-on-year increase from Jan-August 2014, a positive sign of recovering production output at the nation’s businesses, noted the general Statistical Office (GSO).

Further, the index of industrial production (IIP) in August registered the highest growth rate this year, reported the GSO, compared to 6.2 per cent last month, 5.8 per cent in the first half of the year and 5.2 in the first quarter.

The office attributed the high IIP growth rate to the 9.1 per cent surge in the processing and manufacturing sector, which accounted for 70 per cent of total industrial output.

Industrial products with the highest growth rate in the period included electronics, computers and optical equipment, with 34.5 per cent; motorised vehicles with 20.2 per cent; leather products with 20.2 per cent; shoes with 13.1 per cent; and electric output with 11.2 per cent.

Two industrial products with the lowest growth rates included cigarette production and transportation equipment.

GSO experts attributed the low consumption to a slow rebound of the world economy, as well as low demand in the domestic market and a high inventory index.

Additionally, the August 1 inventory index of the processing and manufacturing industry posted a month-on-month increase of 1 per cent and a year-on-year surge of 13.4 per cent.

Other sectors reporting higher inventories than the same period last year were electronics, computers, tobacco products, medicines, pharmaceutical products and materials, leather, and paper.


Category: Economy

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