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Tuesday, July 16, 2024

Vietnam’s GDP expands 5.33% in Q3/2023

The Saigon Times

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HCMC – Vietnam’s gross domestic product (GDP) between June and September has grown 5.33% versus year-ago period, faster than an expansion of 4.05% in the second quarter yet still falling short of this year’s growth target.

Nguyen Thi Huong, head of the General Statistics Office (GSO), said at a press conference on the nation’s socio-economic performance this morning, September 29, that GDP in the first nine months of 2023 is expected to have increased by 4.24% year-on-year.

This expansion is only higher than the growth rates of 2.19% and 1.57% for the same period of 2020 and 2021.

The services sector has been a key growth driver of the nation during this nine-month period, with a year-on-year increase of 6.2%, contributing 68.57% to the nation’s economic growth.

The agro-forestry-fishery sector has gained year-on-year growth of 3.34%, contributing 9.16%, while the industry and construction sector has expanded 2.41%, making up for 22.27% to the nation’s economic growth.

The Consumer Price Index (CPI) in the third quarter has increased by 2.89% versus the year-ago period. In the first nine months of this year, the CPI has edged up by 3.16% over the same period last year, while the core inflation has increased by 4.49%.

As of September 20, the country had attracted a total of nearly US$20.21 billion in foreign direct investment, up 7.7% year-on-year.

In terms of trade, Vietnam’s exports in the nine-month period have reached around US$259.67 billion, down 8.2% year-on-year, while imports have amounted to US$237.99 billion, down 13.8%. As a result, the country has achieved a trade surplus of US$21.68 billion.

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