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Vietnam Today

2018 GDP at 7.08%

Released at: 15:53, 28/12/2018

2018 GDP at 7.08%

Photo: GSO

Result higher than target, GSO reports, while 2019 target is 6.8 per cent.

by Nghi Do

GDP in 2018 has come in at 7.08 per cent, the highest for a decade and exceeding the target of 6.7 per cent, while the forecast for 2019 is 6.8 per cent, the General Statistics Office (GSO) announced at a press briefing on December 27.

GSO General Director Nguyen Bich Lam said that full-year GDP growth was mainly driven by sectors such as industry and construction, growing 8.85 per cent and contributing 48.6 per cent, service, up 7.03 per cent and contributing 42.7 per cent, and agriculture, increasing 3.76 per cent and contributing 8.7 per cent.

Agriculture’s growth was the highest in seven years and came as a result of restructuring efforts over recent years, especially in crop cultivation and aquaculture. Stable product prices and market expansion also fueled its growth.

Manufacturing continued to be the main growth driver, up 12.98 per cent, and while lower than the figure for 2017 was still higher than during the 2012-2016 period.

Such figures demonstrate that the economy is no longer reliant on the extraction of natural resources, as 2018 is the third consecutive year witnessing a decline in the mining industry.

Service in 2018 also saw higher growth than in the 2012-2016 period, with retail, wholesale, financial services, accommodation, catering services and transport all posting decent growth.

GDP per capita rose by $198 from 2017, to $2,587.

The CPI increased 3.54 per cent, under the target of 4 per cent set by the National Assembly, thanks to the government’s efforts to curb prices.

Core inflation in 2018, which excludes food, energy and government-regulated goods, rose 1.48 per cent against 2017.

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