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ECONOMY

Vietnam's GDP in Jan-Sep hits 8-year high at 6.98%

Updated at Friday, 28 Sep 2018, 10:21
The Hanoitimes - Manufacturing remained the driving force of the economy with the increase rate of 12.65%, contributing 2.56 percentage points to the overall growth.
Vietnam posted year-on-year GDP growth of 6.98% in the first nine months of 2018, the best first-nine-month performance since 2011, the General Statistics Office (GSO) said on September 28.
 
Illustrative photo.
Illustrative photo.
Specifically, GDP of the third quarter increased by 6.88% year-on-year, lower than the growth rate of 7.45% in the first quarter but higher than 6.73% in the second quarter, indicating the momentum of the economy remains strong, stated GSO.

In the growth rate of 6.98% of the entire economy in nine months of this year, the sector of agriculture, forestry and fishery increased by 3.65%, contributing 8.8% to the general growth; the sector of industry and construction rose by 8.89%, contributing 48.7%; the service sector climbed by 6.89%, contributing 42.5%.

The sector of agriculture, forestry and fishery recorded the highest growth rate of the first nine months in the 2012 - 2018 period, in which, the agricluture showed significant improvements with growth rate of 9-month high of 2.78%, contributed 0.36 percentage points. The fishery also posted an 8-month high growth rate of 6.37%, contributing 0.22 percentage points, while forestry increased by 5.9%, contributing 0.04 percentage points. 

In the industrial and construction sector, the industry increased by 8.98%, contributing 2.91 percentage points of the overall growth. The highlight of this sector and driving force of the economy is the manufacturing with the increase rate of 12.65%, contributed 2.56 percentage points. The construction maintained the fairly good growth with the rate of 8.46%, contributed 0.55 percentage points to the general growth.

In the service sector, the growth rates of some industries with large proportion were as follows: The wholesale and retail trade increased by 8.48% over the same period last year, it is the industry with the largest contribution to the general growth (0.9 percentage points); the accommodation and catering service grew by 5.89%, contributed 0.27 percentage points; the finance, banking and insurance climbed by 7.85%, contributed 0.46 percentage points; the real estate business moved up by 4.04%, contributed 0.24 percentage points.

About the structure of the economy in nine months of this year, the sector of agriculture, forestry and fishery took the proportion of 13.93%; the sector of industry and construction accounted for 33.49%; the service sector represented 42.54%; product taxes less subsidies on production accounted for 10.04%.

​In terms of GDP use in nine months, the final consumption rose by 7.09% from the similar period in 2017; accumulated assets grew by 7.71%; trade balance of goods and services increased by 14.22%.
Hai Yen
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