Report on industrial production and trading activities in the first 3 months of 2020

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In the industrial and construction sector, the industrial sector in the first quarter of 2020 increased by 5.28% over the same period last year, much lower than the growth rate of 10.45% in the first quarter of 2018 and 9% in the first quarter of 2019, contributing 1.89 percentage points to the growth rate of total added value of the whole economy.

The main growth engine of the economy in the first quarter of 2020 was the processing and manufacturing industry with an increase of 7.12%, only higher than the growth of 4.38% and 5.97% of the same period in 2013 and 2014 in the period of 2011-2020, contributed 1.64 percentage points.

Meanwhile, the mining industry grew by negative 3.18%, reducing 0.21 percentage points of the increase in the total added value of the whole economy due to the decline in crude oil and natural gas production.

In the first months of 2020, the Covid-19 epidemic seriously affected trade, service and import-export activities. The service sector in the first quarter of 2020 increased by 3.27%, only reaching the lowest rate of the same period of the years 2011-2020.

In the service sector, wholesale and retail increased by 5.69% over the same period last year, which contributed 0.7 percentage points; finance, banking and insurance increased by 7.19%, contributing 0.33 percentage points; transportation, warehousing decreased by 0.9%, reduced by 0.03 percentage points; accommodation and catering services fell by 11.04%, down 0.53 percentage points.

Source: vietnamfinance.vn