Increased labor productivity improves the quality of economic growth 2018

According to the General Statistics Office, in 2018, the contribution of total factor productivity (TFP) to GDP growth reached 43.50%, the average of 3 years 2016-2018 reached 43.29%, much higher than average 33.58% of the period 2011-2015.

Labor productivity increased by 346 USD

Accordingly, the labor productivity of the whole economy at current prices in 2018 is estimated at 102 million VND / labor (equivalent to 4,512 USD / labor, up 346USD compared to 2017); labor productivity in 2018 increased by 5.93% compared to 2017, much higher than the increase of 5.29% in 2016 and approximately 6.02% in 2017 due to the additional workforce and number employment in 2018 increased highly.

Improved investment efficiency with many new production capacities complementing the economy. The efficiency index of investment capital use (ICOR coefficient) decreased from 6.42 in 2016 to 6.11 in 2017 and 5.97 in 2018, the average of the 2016-2018 ICOR ratio was 6.17, lower than the 6.25 coefficient of the 2011-2015 period.

Statistics also show that the gross domestic product (GDP) in the fourth quarter of 2018 is estimated to increase by 7.31% compared to the same period last year, of which the agriculture, forestry and fishery sector increased by 3.90%; industry and construction sector increased 8.65% and service sector increased 7.61%. Although still lower than the fourth quarter of 2017, the fourth-quarter growth was higher than the fourth quarter of 2011-2016 growth.

In terms of fourth-quarter GDP usage, final consumption increased 7.51% over the same period last year; asset accumulation increased by 9.06%; export of goods and services by 10.69%; import of goods and services by 9.50%.

Transform industry structure to promote efficiency

According to the General Statistics Office, with 2018 GDP growth rate of 7.08%, the highest increase in the last 10 years, in the overall growth of the whole economy, the agriculture, forestry and fishery sector increased by 3.76%, contributing 8.7% to the overall growth rate; industry and construction sector increased by 8.85%, contributing 48.6%; service sector increased 7.03%, contributing 42.7%.

This shows that the trend of industry restructuring has been effective, on the other hand, stable product selling prices and expanded export markets are the main driving forces for the production of this region.

In particular, the agricultural sector continued to confirm a clear recovery trend when it reached 2.89%, the highest increase of the period 2012-2018, contributing 0.36 percentage points to the total growth rate. added value of the whole economy; The fisheries sector achieved good results with an increase of 6.46%, contributing 0.22 percentage points; The forestry sector increased by 6.01% but accounted for a low proportion, contributing only 0.05 percentage points.

Productivity and Quality Office