Gross Domestic Products Growth estimated at 7.08% in the first six months of 2018
Saturday, July 14,2018AsemconnectVietnam - Vietnam’s GDP growth is estimated at 7.08% in the first half of 2018, the fastest first-half growth since 2011(GDP increased by 7.45% in the first Quarter and 6.79% in the second Quarter), according to the General Statistics Office (GSO).
The sector of agriculture, forestry and fishery in six months of this year reached the highest increase in the period 2012-2018, of which the agriculture continued to show a clear recovery trend with a rise of 3.28%, contributing 0.45 percentage point to the growth rate of the total added value of the whole economy; the fishery achieved good results with an increase of 6.41%, also the highest growth rate in 8 years, contributing 0.21 percentage point; the forestry jumped up by 5.12%, higher than the growth rate of 4.31% in the same period last year but low propotion, contributing only 0.04 percentage point.
In the industrial and construction sector, the industry increased by 9.28%, much higher than the growth rate of 7.01% and 5.42% in the same period of 2016 and 2017 respectively, contributing 3.05 percentage points to the growth rate of the total added value of the entire economy. The highlight of this sector was the strong growth of the manufacturing with 13.02% (this is the highest growth rate in 7 years), contributed 2.63 percentage points. Meanwhile, the mining and quarrying still reached the negative growth (down 1.3%), reduced 0.1 percentage point of the increase rate of the first six months of the year, but the decline rate narrowed considerably against the 7.8% decrease in the same period last year. The construction in the first half of the year maintained a relatively high growth rate of 7.93%, contributing 0.48 percentage point.
The service sector in the first six months of the year increased by 6.90%, the highest growth rate in 7 years. In the service sector, the contribution of a number of industries with a large share to the overall growth rate as follows: Wholesale and retail sales increased by 8.21% over the same period last year, this was the industry with the highest growth rate in the service sector and the largest contribution to the growth rate of the total added value of the entire economy (0.86 percentage point); Financial, banking and insurance activities rose by 7.58%, contributing 0.35 percentage point; Accommodation and catering services grew by 7.02%, contributing 0.33 percentage point; Transportation and warehousing climbed by 7.67%, contributing 0.25 percentage point; Real estate business moved up by 4.12%, contributing 0.25 percentage point.
About economic structure in the first six months of this year, the sector of agriculture, forestry and fishery made up 14.15% of GDP; the sector of industry and construction accounted for 33.78%; the service sector represented 41.82%; the taxes less subsidies on production took 10.25% (the corresponding structure in the same period of 2017 was 15.06%; 32.75%; 41.82%; and 10.37%).
In terms of GDP use in the first half of the year, final consumption rose by 7.13% from the similar period in 2017; accumulated assets grew by 7.06%; export of goods and services increased by 15.72%; import of goods and services grew by 14.83%.
Source: The General Statistics Office
Australian firms eye expanded Vietnam presence
Foreign invested sector - important growth driver of Vietnam: official
Charter capital of banks to increase sharply in 2023
DAILY: Vietnamese pepper prices increased by 1000 VND per kg on May 15
DAILY: Vietnamese coffee prices remained unchanged on May 15
Reference exchange rate up 12 VND at week’s beginning
Trade surplus reached 7.56 billion USD in four months
Improving product quality, infrastructure critical to promote trade with China
Vietnam’s vegetable, fruit exports likely to hit 4 billion USD this year
Industrial production increases in April
Vietnam’s forex reserves forecast to recover by year-end
Vietnam dong one of most stable currencies in Asia: Experts
Hanoi attracts over 1.7 billion USD in FDI in four months
Durian exports forecast to boom
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...