The National Bureau of Industrial Economics (NESDB) reported that the manufacturing production index (MPI) in February 2022 was 102.0, growing 2.75% year-on-year from January-February.
Capacity utilization (CapU) was 64.8% in February, down from 65.69% in January 2022, while the average for the first two months of this year was 65.25%.
The main factor was foreign orders, or exports, which continued to expand well. Total exports increased by 16.2% in February, growing for the twelfth month in a row.
The relaxation of Covid control measures and the opening up of the country had a positive impact on the country’s economic activity, which is reflected in the continuous expansion of oil refining.
The Russian-Ukrainian crisis had no impact on companies in February. As the fighting and international sanctions took place at the end of February.
In 2022, MPI is expected to grow by 3.5% to 4.5% and industrial GDP by 2.2% to 3.2%.