Vietnam Industry January 2017

Vietnam

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.

FocusEconomics Consensus Forecast participants estimate that industrial output will grow 7.8% in 2017, which is down 0.3 percentage points from last month’s forecast. For 2018, panelists expect industrial production to expand 8.2%.


Author: Marlène Rump, Senior Data Analyst

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Vietnam Industry January 2017 0

Note: Year-on-year variation of industrial production index in %.
Source: General Statistics Office of Vietnam (GSO) and FocusEconomics calculations.


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