Vietnam: Industrial production decelerates sharply at outset of the year
February 2, 2017
In January, industrial production rose 0.7% over the same month last year, which was well below the 8.3% rise in December and the weakest result in almost three years. A double-digit contraction in mining and quarrying as well as much slower growth in manufacturing dragged on the overall result. That said, January’s slowdown partially reflected a negative impact from the Lunar New Year holidays, which fell in January this year compared to February in 2016.
In month-on-month terms, industrial production decreased 6.2% in January (December: +4.7% month-on-month), the worst result in nine months. The sluggish activity observed in January was reflected in the annual average growth of industrial production, which deteriorated from 7.3% in December to 6.9% in January, the weakest figure since September 2014.