In 2024, economic growth reached 7.09%, a little bit higher than the 7% forecast by the prime minister at the National Assembly session in October 2024. In particular, Q4 growth matched expectations at 7.55%. What were the drivers behind growth in Q4 and for all of 2024? Positive trends as export orders continue robust recovery Each quarter in 2024 saw higher growth than the previous one. GDP growth in Q1 was only 5.98% year-on-year, but rose to 7.25% in Q2, which looked impressive at the time. However, Q3 saw it soar to 7.43%, and Q4 to 7.55%. This performance enabled GDP expansion in the entire year to reach 7.09%, meeting the revised forecast of 7% made two months prior and exceeding the 6–6.5% goal set earlier in the year by the NA. The industrial and construction sector continued to shine with the highest growth rates, achieving 8.35% growth in Q4 and 8.24% for the year, contributing 45.17% to overall growth. The service sector followed with respective growth rates of 8.21% and 7.38%, contributing 49.46%, while the agriculture, forestry, and fishery sector grew 2.99% and 3.27%, contributing 5.37%. Within the industrial and construction sector, the industrial subsector demonstrated robust recovery and […]
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