Business

Industrial production index up 6.7 percent in eight months

The national index for industrial production (IIP) increased 6.7 percent year-on-year in the first eight months of this year, the General Statistics Office (GSO) reported.
Industrial production index up 6.7 percent in eight months ảnh 1The central technology platform No 2 of Vietsovpetro joint venture in Bach Ho (White Tiger) oil field in the southern province of Ba Ria – Vung Tau (Photo: VNA)

Hanoi(VNA) - The national industrial production index (IPI) increased 6.7 percentyear-on-year in the first eight months of this year, the General StatisticsOffice (GSO) reported.

The metric was lower than the growth of 7.2 percent recorded inthe first eight months of 2016, and 9.9 percent recorded in the same period of2015, GSO said.

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

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

The processing and manufacturing industry, which accounted forover 70 percent of total industrial output, saw a yearly IPI rise of 10.8 percent.

Many industries also enjoyed a surge in IPI, such as electricproduction and distribution (8.6 percent), water supply and waste treatment (7.4percent), metal production (21.2 percent), electronics, computer and opticalproducts (17.8 percent), rubber and plastic products (10.4 percent), paperproduction (10.1 percent) and weaving (10 percent).

[Infographics: Industrial Production Index rises 8.1% in July]

Among keyindustrial products that posted high IPI increases in eight months weretelevision sets (34.4 percent), raw steel and iron (23.9 percent), urea (17.3 percent),fabric (17.7 percent) and processed seafood (9.4 percent).

According to theGSO, the consumption index of the processing and manufacturing industry rose9.5 percent year-on-year, higher than the growth of 8.1 percent year-on-year inthe first eight months of 2016, contributing to the growth of production inthis industry.

GSO said that tocontinue growth in industrial production in the future, the industrial sectorshould increase the index of consuming products to reduce inventory because theinventory index of the sector in the first eight months witnessed ayear-on-year surge of 9.8 percent, higher than the 8.9 percent year-on-year growthin the first eight months of 2016.-VNA
VNA
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