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Saturday, July 13, 2024

Consumption still weak

By Bui Trinh

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The socio-economic report for Q2 and the first half of 2023 indicates that the gross domestic product (GDP) in Q2 was estimated to increase by 4.14% against the same period last year, only higher than the 0.34% growth in Q2 2020 in the 2011-2023 period. The GDP in the first half grew 3.72% over the year-earlier period, only higher than the 1.74% growth in the first half of 2020 in the 2011-2023 period. In view of the GDP used in the first half of 2023, end-consumption increased 2.68% year-on-year, asset accumulation inched up 1.15%, exports of goods and services declined 10%, and imports of goods and services plunged 13.20%. Though both exports and imports of goods and services fell against the same period last year, the disparity between imports and exports is very large, about US$10 billion in current prices, and contributes up to 63.45% to the GDP growth. Merchandise exports in June were estimated at US$29.3 billion, up 4.5% over the previous month and down 11.4% over the same period last year. Overall, goods exports in the first half were around US$164.45 billion, down 12.1% year-on-year. Merchandise imports in June were estimated at US$26.71 billion, up 2.6% over the […]
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