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Monday, July 15, 2024

GDP growth review

By Bui Trinh

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The average gross domestic product (GDP) growth in 2010-2022 is 6.1%. However, this period should be divided into the pre- and post-Covid-19 periods. The average GDP growth in 2010-2019 was 6.6% and 2019-2022 4.4%. It should be noted that the GDP growth in 2022 versus 2021 is as high as 8.02% because the growth in 2020 and 2021 is very low, at 2.9% and 2.6% respectively. In the two years of 2020 and 2021, the agro-forestry and fishery sector still maintained the added value growth of 3% and 3.1% respectively, equivalent to or higher than the average added value growth of 3% in 2010-2019. The added value growth of the processing and manufacturing sector in 2020 and 2021 fell drastically, at 5% and 6% respectively, while the average growth of this sector in 2010-2019 is 9.7%. Most services experienced lower added value growth in 2020 and 2021, such as transport and warehousing (down 3.1%), catering and accommodation (down 20%), administrative and support services (down 15.4%), arts and entertainment (down 9%) and other services (down 9.4%). However, healthcare and social support enjoyed spectacular growth amidst the general gloomy situation, at 10.4% in 2020 and as high as 41% in 2021. The […]
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