Nine-month GDP growth highest in eight years

Friday, 2018-09-28 15:36:47
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Vietnam’s GDP growth rate for the January-September period was at 6.98%, the highest for the same period over the past eight years.
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NDO/VNA – The GDP growth rate for the January-September period was 6.98%, the highest for the same period over the past eight years, the General Statistics Office announced on September 28.

GSO Director Nguyen Bich Lam said at a press conference in Hanoi that agriculture, fisheries, processing-manufacturing and export continued to be the driving force of the economy.

Macro economy remains stable, inflation is under control and unemployment is showing a decreasing trend, according to Lam.

The average CPI growth for the nine-month period was 3.57% year on year, while export value increased by 15.4% and import up 11.8%. Final consumption surged by 15.4% and asset accumulation picked up 7.71%.

As of September 20, credit growth rate stood at 9.52% while M2 money supply went up by 8.74% compared to the end of 2017.

The agro-forestry-fisheries sector registered a 3.65% expansion, contributing 8.8% to the overall growth. The industry-construction sector posted an 8.89% increase, contributing 48.7% to the overall growth, while the service sector, with a 6.89% increase, contributed 42.5%.

In breakdown, the agro-forestry-fisheries sector accounted for 13.93% of the economy in the nine-month period, the industry-construction sector, 33.49% and the service sector, 42.54%.

Other economic indicators also showed positive signs. Business sentiment is optimistic with the Nikkei Vietnam Manufacturing Purchasing Managers’ Index (PMI) constantly rising from 51.6 points in March, reaching a peak of 55.7 points in June and staying at a high level of 53.7 points in August.

The volume of new orders for export also continued to increase in August, according to Nikkei.

The macro-economic indexes demonstrated the effectiveness of the leadership of the Prime Minister and Government and efforts of ministries, sectors and local administrations since the early days and months of this year, the GSO director said.