However, this was the lowest growth rate in IIP since the beginning of this year, said the office, adding that the year-on-year growth rate was 20.4 percent in the first month of this year, 15.2 percent in the first two months, 11.6 percent in the first three months and 11.4 percent in the first four months.
GSO’s industrial economic experts said the reduction in the IIP growth rate was partly due to the plunge in production in the mining sector. The IIP of the mining sector in the first five months fell 7.6 percent year-on-year. The figure of the January-May period in 2017 reduced by 2.2 percent.
In addition to this, some other major sectors also saw a downward trend in their IIP growth rate during the first five months.
The manufacturing and processing sector, accounting for 90 percent of the national industrial production, had a year-on-year increase of 11.8 percent, also lower than the two-month, three-month and four-month rates of 15.5 percent, 14.1 percent and 12.5 percent, respectively.
The IIP of the electric production and distribution sector had a year-on-year surge of 10.6 percent from January to May.
Meanwhile, the IIP of the electronics, computers and optical products sector gained a year-on-year increase of 18.7 percent during the period, but the figure in May rose only 2.2 percent month on month because Samsung Electronics Co Ltd reduced its production in April and May.
The GSO said some major industrial products with high growth rate in IIP had contributed greatly to the growth of the national IIP. Surges were also recorded in crude iron and steel (40 percent), fabric (25 percent), feed for aquaculture (17.7 percent), sugar (15.5 percent), powdered milk (13.6 percent), and television (12.4 percent).
Several other areas, however, saw low growth or reduction in industrial production, including liquefied natural gas (up 1 per cent), fresh milk (up 0.9 percent), mobile phone (up 0.8 percent), and auto (up 0.6 percent), while crude oil was down 10.2 percent and urea fertiliser down 1.6 percent.