For the first nine months of 2025, the Industrial Production Index (IIP) is estimated to increase by 9.1% compared to the same period last year (8.4% in 2024)
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According to the latest data released by the General Statistics Office, the Industrial Production Index (IPI) for Q3/2025 is projected to rise by 10.0% year-on-year. This growth is driven by manufacturing (10.2%), mining (8.2%), electricity production and distribution (9.8%), and water supply, waste management, and remediation activities (5.3%).
Over the first nine months of 2025, the IIP grew by 9.1% year-on-year (8.4% in 2024). Manufacturing led with a 10.4% increase (9.6% in 2024), contributing 8.4 percentage points to the overall growth. Electricity production and distribution rose by 6.1% (10.8% in 2024), adding 0.6 points. Water supply and waste management increased by 8.8% (9.7% in 2024), contributing 0.1 points. Mining saw a marginal 0.1% increase (down 6.9% in 2024), contributing 0.01 points.
Key secondary-level industries saw significant growth in the first nine months of 2025: Motor vehicle production (26.0%), rubber and plastic products (17.3%), non-metallic mineral products (15.6%), apparel (13.5%), fabricated metal products (12.7%), leather and related products (12.5%), basic metals (11.3%), food processing (10.6%), furniture (10.4%), paper and wood products (10.3%), other transport equipment (9.4%), and electronics (7.9%).
Conversely, some sectors experienced slower growth or declines: Beverage production (3.8%), crude oil and natural gas extraction (-4.7%).
All 34 provinces reported IIP growth in the first nine months of 2025. Strong performances in manufacturing and electricity production drove high growth in some regions. However, slower growth or declines in manufacturing, mining, and electricity production led to lower IIP increases in others.
Key industrial products saw increased production in the first nine months of 2025: Automobiles (52.7%), televisions (21.8%), NPK fertilizers (15.9%), cement (15.3%), rolled steel (14.7%), apparel and leather footwear (14.4%), aquaculture feed (14.2%), and sugar (12.8%). Conversely, natural gas (-8.3%), synthetic fiber fabrics (-2.4%), and crude oil (-1.1%) declined.
The consumption index for manufacturing in September 2025 increased by 0.1% month-on-month and 9.3% year-on-year. For the first nine months, it rose by 9.1% year-on-year (12.5% in 2024).
Inventory levels in manufacturing as of September 30, 2025, increased by 4.9% month-on-month and 13.3% year-on-year (8.5% in 2024). The average inventory ratio for the first nine months was 82.3% (76.8% in 2024).
Employment in industrial enterprises as of September 1, 2025, increased by 1.2% month-on-month and 4.5% year-on-year. State-owned enterprises saw a 0.1% monthly and 2.6% annual increase; private enterprises, 0.8% monthly and 2.9% annual; and foreign-invested enterprises, 1.4% monthly and 5.2% annual.
By sector, mining employment remained stable month-on-month and increased by 1.4% year-on-year; manufacturing rose by 1.2% monthly and 4.7% annually; electricity, gas, and water supply increased by 0.1% monthly and 4.7% annually; and waste management rose by 0.2% monthly and 1.5% annually.
– 09:45 06/10/2025
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