Econ
Vietnam’s GDP growth records 9-year high of 6.98% for Jan-Sep
Vietnam’s GDP expanded 7.31% year-on-year in the third quarter (Q3), higher than the growth rate of 6.82% in Q1 and 6.73% in Q2 this year.
Vietnam posted year-on-year GDP growth of 6.98% in the first nine months of 2019, the highest growth rate over the last nine years for a-nine-month performance, the General Statistics Office (GSO) said on September 29.
According to the GSO, Vietnam’s GDP expanded 7.31% year-on-year in the third quarter (Q3), higher than the growth rate of 6.82% in Q1 and 6.73% in Q2 this year.
In the January – September period, the agriculture, forestry and fishery sector grew by 2.02%, which was lower than the rate of 3.7% recorded in the same period last year, contributing 4.8% to the overall growth; the sector of industry and construction rose by 9.36%, contributing 52.6%; and the service sector climbed by 6.85%, contributing 42.6%.
The main driving force for economic growth in the nine-month period is the manufacturing and processing sector, posting a growth rate of 11.37% and other service sectors, including wholesale and retail with 8.31%; finance, banking and insurance with 8.19%; transportation and storage with 7.82%; information and communication with 7.65%.
In terms of the structure of the economy in the first nine months of this year, the agriculture, forestry and fishery sector made up 13.20% of the GDP; the sector of industry and construction accounted for 33.98%; the service sector represented 42.74%; and product taxes less subsidies on production accounted for 10.08% (the corresponding growth rates for the same period last year were 13.94%, 33.5%, 42.51% and 10.05%, respectively).
Regarding GDP use in nine months, the final consumption rose by 7.20% from the similar period in 2018; accumulated assets grew by 7.68%; trade balance of goods and services increased by 16.19%.
Data: GSO. Graphic: Nguyen Tung.
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In the January – September period, the agriculture, forestry and fishery sector grew by 2.02%, which was lower than the rate of 3.7% recorded in the same period last year, contributing 4.8% to the overall growth; the sector of industry and construction rose by 9.36%, contributing 52.6%; and the service sector climbed by 6.85%, contributing 42.6%.
The main driving force for economic growth in the nine-month period is the manufacturing and processing sector, posting a growth rate of 11.37% and other service sectors, including wholesale and retail with 8.31%; finance, banking and insurance with 8.19%; transportation and storage with 7.82%; information and communication with 7.65%.
In terms of the structure of the economy in the first nine months of this year, the agriculture, forestry and fishery sector made up 13.20% of the GDP; the sector of industry and construction accounted for 33.98%; the service sector represented 42.74%; and product taxes less subsidies on production accounted for 10.08% (the corresponding growth rates for the same period last year were 13.94%, 33.5%, 42.51% and 10.05%, respectively).
Regarding GDP use in nine months, the final consumption rose by 7.20% from the similar period in 2018; accumulated assets grew by 7.68%; trade balance of goods and services increased by 16.19%.
