Vietnam is estimated to achieve gross domestic product (GDP) growth of 6.79 percent in the first quarter of this year, down against the first quarter of last year, but up against the first quarters of 2011-2017, the country’s General Statistics Office announced on Friday.
In terms of economic structure, agriculture, forestry and fishery accounted for 10.16 percent of the GDP, industry and construction 35.25 percent, service 44.04 percent, and product taxes excluding subsidies 10.55 percent. The respective rates in the first quarter of last year were 10.35 percent, 35.31 percent, 43.72 percent, and 10.62 percent.
Between January and March, among economic sectors, agriculture grew 1.84 percent against the same period last year, forestry grew 4.2 percent, fishery grew 5.1 percent, industry grew 8.95 percent, construction grew 6.68 percent, goods wholesale and retails grew 7.82 percent, banking, finance and insurance grew 7.71 percent, and real estate trading grew 4.75 percent, said the office.
Vietnam gained a GDP growth of 7.08 percent in 2018, the highest rate over the past 10 years, up from the annualized target of 6.5-6.7 percent. Its top legislature has set a target of attaining GDP growth of 6.6-6.8 percent in 2019.
As far as inflation is concerned, in the first three months of the year, the consumer price index (CPI) increased by 2.63 percent compared to the same period in 2018 – the lowest increase in the first quarter in the last three years.
Standard Chartered Bank has recently forecast that Vietnam will see a stable economic growth of 6.9 percent in 2019, buoyed by strong manufacturing sector supported by foreign direct investment.
Vietnam’s GDP growth of 7.08 percent in 2018 was the highest in a decade, according to the General Statistics Office.