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Wednesday, July 17, 2024

HCMC’s GRDP may rise 5.87% in Q2

The Saigon Times

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HCMC – HCMC’s gross regional domestic product (GRDP) may expand 5.87% in the second quarter of the year, said HCMC Chairman Phan Van Mai.

“That the HCMC economy got back on track resulted from the relentless efforts of the (central) Government and the city,” Mai said at a National Assembly session yesterday, May 30.

HCMC’s GRDP growth in the first half of the year is estimated at 3.55%, due to the city’s GRDP first-quarter growth of 0.7%, data from the General Statistics Office (GSO) showed.

The industry-construction sector is expected to grow 4.77% in the second quarter but may edge up merely 0.8% in January-June due to a contraction of 3.6% in the first quarter.

Sector-wise, the service sector will rise the sharpest, estimated to increase 7.6% in April-June and 4.96% in the first six months of the year.

The nation’s engine of economic growth came alive in May with substantial increases in commerce and revenue from services and tourism.

Statistics from the GSO showed that industrial production conditions improved in May, with the index of industrial production (IIP) growing 1.5% month-on-month and 5.5% year-on-year. However, the IIP between January and May inched up 1.6% over the same period in 2022.

Total retail sales of consumer goods and services in the month picked up 10% against last May and 6.2% in January-May.

Disbursement of public investment capital in the first five months of the year improved markedly with a year-on-year increase of 24%, at around VND10.2 trillion.

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