According to the national statistical agency, the IIP for January grew by 18.3 percent compared to the same period last year but decreased by 4.4 percent compared to the previous month. Specifically, the manufacturing and processing sector increased by 19.3 percent compared to the same period last year, contributing the most to the overall growth (15.1 percentage points); electricity production and distribution surged by 21.6 percent, contributing 1.9 percentage points; water supply, management of waste, and wastewater treatment increased by 5.7 percent, contributing 0.1 percentage point; the mining sector edged up by 7.3 percent, contributing 1.2 percentage points.
Throughout the month, the nation witnessed a notable surge in business activities, with the establishment of 13,500 new businesses, up 24.8 percent compared to the same period last year. Additionally, almost 13,800 enterprises resumed their operations. The combined total of newly established and reactivated businesses in January 2024 reached over 27,300, marking a 5.5 percent uptick from the corresponding period in the previous year.
However, in January, 43,900 businesses registered temporary suspensions for a specified timeframe, while 7,798 companies ceased operations pending dissolution procedures, and 2,165 enterprises successfully completed dissolution procedures. Consequently, the overall number of businesses exiting the market amounted to 53,900, indicating an increase of 22.8 percent compared to the same period last year.
