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Saturday, June 22, 2024

Challenges still here to stay

By Bui Trinh

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Despite some positive indicators, the economy continues to grapple with difficulties. According to the socio-economic report from the General Statistics Office, the gross domestic product (GDP) for the first nine months of 2023 increased by 4.24% compared to the same period last year. However, when considering the 2011-2023 period, the growth rate for the first nine months remains below the levels recorded in the same period in 2020 and 2021, which were 2.19% and 1.57%, respectively. These two years were notably affected by the Covid-19 pandemic. Positive indicators emerge On the supply side, when examining the increase in the gross value added (GVA) at basic prices in the economy, there were notable developments: the agriculture, forestry, and fisheries sector grew by 3.43%, contributing 9.16%; the industry and construction sector saw a slight uptick of 2.41%, contributing 22.27%; and the service sector recorded a robust rise of 6.32%, contributing 68.57%. As a result, the GVA of the economy for the first nine months of 2023 increased by 4.4%. Given that GDP equals GVA plus product tax less price subsidy, it is worth noting the influence of the tax factor on GDP. In principle, due to the growth in product tax during […]
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