October index of industrial production continues to rise

The index of industrial production (IIP) in October increased 3.6 percent from the previous month and 5.4 percent against the same period last year.

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The Ministry of Industry and Trade said that thanks to the effective control of the COVID-19 pandemic, industrial production activities during the month maintained expansion, positively contributing to the country’s economic recovery.

However, in the first 10 months of 2020, the IIP rose 2.7 percent over the same period last year, much lower than the 9.5 percent increase in the same period in 2019.

Specifically, production of the manufacturing and processing industry increased by 4.2 percent, contributing 3.6 percentage points to the general growth, while that of electricity production and distribution rose by 3.2 percent, making up 0.3 percentage point.

Meanwhile, production of the mining industry fell by 8.1 percent, resulting in a decrease of 1.3 percentage points in the overall growth./.

VNA

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