Vietnam’s economy expands 6.79% in Q1
Vietnam’s economy expands 6.79% in Q1
Vietnam’s gross domestic product (GDP) in the first quarter of this year rose 6.79% from a year earlier, which was lower than the impressive 7.38% expansion in the first quarter of 2018, the General Statistics Office (GSO) stated in its latest report on the country's socioeconomic performance.
The GDP during the quarter was still higher than the growth recorded in the same period from 2009 to 2017 and is very close to the Government’s target of 6.93%.
Agriculture, forestry and fisheries sector grew 2.68%, while industry and construction rose 8.63% and services gained 6.5%. They contributed 4.9%, 51.2% and 43.9%, respectively, to the overall growth.
According to the GSO, the main driver of the economy was the processing and manufacturing sector, with a year-on-year rise of 12.35%.
However, the mining sector recorded negative growth, at minus 2.2%, due to slower exploitation of crude oil and natural gas.
GSO General Director Nguyen Bich Lam was quoted by the Vietnam News Agency as saying that Vietnam’s economic growth was still impressive in the quarter in the context of a global slowdown and declining global trade.
