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Vietnam Today

1H GDP growth highest since 2011

Released at: 14:27, 29/06/2018

1H GDP growth highest since 2011

Photo: Duc Thanh

GDP up 7.08% in first half of 2018.

by Minh Do

Vietnam’s GDP grew 7.08 per cent in the first half of 2018, the highest first half result since 2011, the General Statistics Office (GSO) announced in its monthly report released on June 29.

Growth was 7.45 per cent in the first quarter and 6.79 per cent in the second.

The World Bank forecast growth of 6.8 per cent for the year as a whole in its Taking Stock report released on June 14.

Growth came in at 3.93 per cent in agriculture, forestry and fisheries, 9.07 per cent in industry and construction, and 6.90 per cent in services.

Growth in agriculture, forestry and fisheries was the highest in the 2012-2018 period. Agriculture grew 3.28 per cent, contributing 0.45 percentage points, while fisheries grew 6.41 per cent, the highest rate for eight years and contributing 0.21 percentage points, and forestry 5.12 per cent, higher than the 4.31 per cent posted in the same period of 2017 and contributing 0.04 percentage points.

In industry, processing and manufacturing has been the highlight of the last seven years and grew 13.02 per cent in first half, contributing 2.63 percentage points, while mining shrank 1.3 per cent.

Growth in construction was stable in the first six months, contributing 0.48 percentage points.

In services, growth of 6.90 per cent was the highest for seven years. Growth of 8.21 per cent was reported in wholesale and retail, contributing 0.86 percentage points, 7.58 per cent in finance, banking and insurance, contributing 0.35 percentage points, 7.02 per cent in hotels/resorts and restaurants, contributing 0.33 percentage points, 4.12 per cent in real estate trading, contributing 0.25 percentage points, and 7.67 per cent in warehousing and transport, contributing 0.25 percentage points.

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