In particular, the mining industry decreased by 3.5% (a decrease of 2.4% compared to the same period in 2023), contributing to a 0.6 percentage point decrease in the overall growth rate. The manufacturing industry increased by 5.9% (a decrease of 3.1% compared to the same period in 2023), contributing to a 5.2 percentage point increase. The electricity production and distribution sector increased by 12.2% (a decrease of 2.6% compared to the same period in 2023), contributing to a 1.1 percentage point increase. The water supply, management and waste treatment sector increased by 2.5% (an increase of 2.9% compared to the same period in 2023), contributing to a 0.04 percentage point increase.
The Industrial Production Index for the first two months of 2024 in some key industries at level II increased compared to the same period last year: Chemical manufacturing increased by 27.7%; coal and petroleum refining increased by 25.3%; rubber and plastic products manufacturing increased by 24.3%; furniture manufacturing increased by 23.4%; pharmaceutical and pharmaceutical material manufacturing increased by 23.2%; electrical equipment manufacturing increased by 22.1%; textile manufacturing increased by 17.6%; food processing increased by 5.8%; motor vehicle manufacturing increased by 0.9%; non-metallic mineral products manufacturing increased by 0.6%.
On the other hand, the IIP of some sectors decreased compared to the same period last year: Repair, maintenance and installation of machinery and equipment decreased by 21.8%; crude oil and natural gas extraction decreased by 9.4%; beverage manufacturing decreased by 6.6%; electronic, computer and optical products manufacturing decreased by 2.6%; other transport equipment manufacturing decreased by 0.8%.
Speed of increase/decrease in the IIP index for the first two months of the years 2020-2024
compared to the same period last year in some key industries. Source: TCTK |
The Industrial Production Index for the first two months of 2024 increased in 56 localities and decreased in 7 localities nationwide. Some localities had a relatively high IIP due to the manufacturing and construction industry; the electricity production and distribution industry. Conversely, some localities had a low IIP or decreased IIP due to the manufacturing and construction industry; mining and production, distribution of electricity.
Some key industrial products in the first two months of 2024 increased compared to the same period last year: Petroleum increased by 44.7%; NPK mixed fertilizer increased by 29%; rolled steel increased by 24.1%; chemical paint increased by 22.4%; diameter increased by 21.1%; woven fabric from natural fibers increased by 20.8%; bars, angles increased by 18.6%; powdered milk increased by 15.3%; electricity production increased by 12.1%. Conversely, some products decreased compared to the same period last year: Phone components decreased by 20.8%; natural gas in gaseous form decreased by 16.1%; TVs decreased by 13.7%; beer decreased by 11.5%; cars decreased by 9.8%; raw iron and steel decreased by 8.6%; mobile phones decreased by 6.7%.
The number of workers employed in industrial enterprises as of February 1, 2024 increased by 0.3% compared to the previous month and decreased by 0.5% compared to the same period last year. Among them, the labor force in state-owned enterprises remained unchanged compared to the previous month and decreased by 0.1% compared to the same period last year; non-state-owned enterprises decreased by 0.1% and decreased by 2.2%; foreign-invested enterprises increased by 0.5% and increased by 0.4%.
By industry, the number of workers employed in the mining industry decreased by 0.2% compared to the previous month and increased by 0.9% compared to the same period last year; the manufacturing industry increased by 0.3% and decreased by 0.7%; the production and distribution of electricity, gas, hot water, steam and air conditioning remained unchanged and increased by 0.5%; water supply, management and waste treatment, wastewater increased by 0.1% and 1.8%.
