Global Economic Slowdown Hit March Industrial Production to Shrink 11.25%

The Office of Industrial Economics (OIE) revealed the decline in the manufacturing production index March 2020 (MPI) to 102.79, contracted by 11.25% YoY as the fallout of global economic recession and drought, affecting the first quarter of 2020 plunged 6.63% YoY. 

 

OIE has revised the 2020 MPI forecast from an expected growth of 2-3% to shrink 6-7%, the historical lowest level since the first introduction of MPI calculation in January 2000. As well as lessening the GDP growth of industrial sector to contract 5.5-6.5% due to the impact of an ongoing coronavirus outbreak across the world, otherwise the domestic factors started relaxing  

 

However, the sales increased by 3.49% from February. Some industrial entrepreneurs such as processed foods, have heightened their production amid the Covid-19 crisis as higher demand. And the capacity utilization rate surged from the previous month to 67.22%.