IIP up 6.7 per cent in eight months

The central technology platform No2 of Vietsovpetro joint venture in Bach Ho (White Tiger) oil field in the southern province of Ba Ria – Vung Tau. — VNA/VNS Photo Huy Hung

The national index for industrial production (IIP) increased 6.7 per cent year-on-year in the first eight months of this year, the General Statistics Office (GSO) reported.

The metric was lower than the growth of 7.2 per cent recorded in the first eight months of 2016, and 9.9 per cent recorded in the same period of 2015, GSO said.

The low growth rate was due to the reduction of 6.9 per cent in production in the mining industry, one of key industrial production sectors.

Other industrial products with drops in production included crude oil (10.8 per cent), natural gas (9.2 per cent) and liquid petroleum gas – LPG (13.4 per cent), automobiles (4.5 per cent) and mobile phones (0.8 per cent)

The processing and manufacturing industry, which accounted for over 70 per cent of total industrial output, saw a yearly IIP rise of 10.8 per cent.

Many industries also enjoyed a surge in IIP, such as electric production and distribution (8.6 per cent), water supply and waste treatment (7.4 per cent), metal production (21.2 per cent), electronics, computer and optical products (17.8 per cent), rubber and plastic products (10.4 per cent), paper production (10.1 per cent) and weaving (10 per cent).

Among key industrial products that posted high IIP increases in eight months were television sets (34.4 per cent), raw steel and iron (23.9 per cent), urea (17.3 per cent), fabric (17.7 per cent) and processed seafood (9.4 per cent).

According to the GSO, the consumption index of the processing and manufacturing industry rose 9.5 per cent year-on-year, higher than the growth of 8.1 per cent year-on-year in the first eight months of 2016, contributing to the growth of production in this industry.

GSO said that to continue growth in industrial production in the future, the industrial sector should increase the index of consuming products to reduce inventory because the inventory index of the sector in the first eight months witnessed a year-on-year surge of 9.8 per cent, higher than the 8.9 per cent year-on-year growth in the first eight months of 2016. —VNS