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Thursday, May 13, 2021

GDP growth in Jan-Sep at 10-year low

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HCMC – Vietnam’s gross domestic product (GDP) between January and September expanded 2.12%, the lowest rate for the nine-month period over the past 10 years, according to the General Statistics Office (GSO).

The coronavirus pandemic has slowed down the growth of most sectors in Vietnam. Besides, the interruption of international trade activities as a result of the impact of the health crisis has severely affected the country’s production, imports and exports, leading to a high rate of unemployment.

Though the GDP growth stood at a 10-year low, the expansion was considered a success amid the efforts to prevent the spread of Covid-19, the disease caused by the coronavirus, and help the economy recover, GSO head Nguyen Thi Huong told a press briefing on the country’s nine-month and third quarter socio-economic situation today, September 29.

The industry and construction sector expanded 3.08%, contributing 58.4% to the nine-month growth, according to the GSO.

Furthermore, the January-September growth was also supported by the agro-forestry-fishery sector, with a 1.84% increase, and the service sector, with a 1.4% rise.

Regarding the country’s consumer price index for the nine-month period, it rose by 3.85% year-on-year, VietnamPlus news site reported.

The disease has been brought under control and the country’s economy is gradually returning to the new normal, resulting in the third quarter’s GDP improving by 2.62% year-on-year, showing positive results compared to the growth in the second quarter.

The quarterly GDP expansion was driven by a 2.93% increase in agro-forestry-fisheries and a 2.95% improvement in industry and construction, followed by a 2.7% rise in services.

In the context of the complicated development of Covid-19, Vietnam’s economic growth remained positive, reflecting the right governance from the Government in directing Covid-19 infection prevention and control efforts and the economic recovery.

The efforts of residents and firms have contributed to fulfilling the goal, which is averting the virus and developing the economy, Huong said.

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