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Vietnam Today

9M GDP growth highest since 2011

Released at: 09:33, 29/09/2018

9M GDP growth highest since 2011

GSO Director Nguyen Bich Lam (C) at the press conference on September 28 (Photo: VGP)

Figure of 6.98% joined by other positive indicators in GSO release.

by Linh Chi

GDP growth of 6.98 per cent in the January - September period was the highest for the first nine months of any year since 2011, General Statistics Office Director Nguyen Bich Lam was quoted by the Vietnam News Agency as announcing at a press conference in Hanoi on September 28.

The macroeconomy remains stable, he went on, inflation is under control and unemployment is showing a downwards trend, while agriculture, fisheries, processing and manufacturing, and exports continue to be the driving force of Vietnam’s economy.

CPI in the nine-month period was 3.57 per cent year-on-year, while export value increased 15.4 per cent and import value 11.8 per cent. Consumption rose by 15.4 per cent and asset accumulation picked up 7.71 per cent.

As at September 20, credit growth stood at 9.52 per cent while M2 money supply rose 8.74 per cent against the end of 2017.

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

The agriculture, forestry and fisheries sector accounted for 13.93 per cent of the economy in the nine-month period, the industry-construction sector 33.49 per cent, and the service sector 42.54 per cent.

Other economic indicators also show positive signs. Business sentiment is optimistic, with the Nikkei Vietnam Manufacturing Purchasing Managers’ Index (PMI) rising from 51.6 in March to a peak of 55.7 points in June and then a healthy 53.7 in August.



 

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