Vietnam: Industry jumps in February on Lunar New Year effect
March 4, 2014
In February, industrial output rose 15.2% over the same month of last year, which was an improvement over the 3.0% increase recorded in January. February's expansion marked the fastest growth rate in more than a year. The improvement was broad-based, with manufacturing and mining and quarrying recording the biggest improvements over the previous month. That said, the reading benefited from a favourable base effect due to the Lunar New Year, which was celebrated in February last year.
Industrial production contracted 10.30% over the previous month in February, which followed the 6.20% fall recorded in January. Annual average growth in industrial production rose from 4.4% in January to 6.5% in February.
FocusEconomics Consensus Forecast participants estimate that industrial output will grow 6.0% in 2014, which is down 0.5 percentage points from last month's forecast. For 2015, panelists expect that industrial production will expand 6.8%.
Author: Dirina Mançellari, Senior Economist