Factory output in the motor vehicles industry contracted 49.6% in Mar 2020 compared to the same month last year, according to new data released by the Central Statistics Office. In comparison, it had contracted at 15.6% in the previous month of Feb 2020.
Growth in the motor vehicles industry was less than that in overall industrial output, which shrunk 16.7%. Motor vehicles made up 4.86% of the overall index of industrial production (IIP), and contributed -2.41% to overall IIP growth.
Among the 23 industries tracked by the Central Statistics Office's Index of Industrial Production, the motor vehicles industry had the lowest growth rate. Across all industry sectors, the growth rate was highest in manufacture of coke and refined petroleum products, and lowest in manufacture of motor vehicles, trailers and semi-trailers.
Factory output is measured by the Index of Industrial Production (IIP), a composite index that measures changes in the volume of production of selected industrial goods.