Vietnam's Economic growth exceeded forecast: 3rd quarter 13.67%, nine months 8.83%

The General Statistics Office has just announced that the gross domestic product (GDP) in the third quarter of 2022 is estimated to increase relatively high at 13.67% over the same period last year. This was predicted in advance because in the third quarter of last year, due to the impact of the Covid-19 pandemic, GDP grew negative by 6.03%.

The economy is recovering, so based on the negative growth of the third quarter of last year, the increase in the third quarter of this year can be said to have had a breakthrough.

The agriculture, forestry, and fishery sectors increased by 3.24%; the industry and construction sectors increased by 12.91%; the service sector increased by 18.86%. Thus, both critical economic sectors of the economy have had a precise recovery, achieving very high growth rates.

Regarding GDP use in the third quarter of 2022, final consumption increased by 10.08% over the same period last year, contributing 38.21% to the overall growth rate of the economy; accumulated assets increased by 8.7%, contributing 21.13%; exports of goods and services increased by 9.32%; imports of goods and services increased by 2.72%; the difference between import and export of goods and services contributed 40.66%.

With the high growth rate of the third quarter, the General Statistics Office said, GDP in the first nine months of 2022 increased by 8.83% over the same period last year. This is the highest increase of 9 months in 2011-2022.

"Production and business activities gradually regained growth momentum, and the Government's policy of socio-economic recovery and development has been brought into full play," said Ms. Nguyen Thi Huong, General Director of the General Statistics Office speak.

According to the General Statistics Office, in the general increase of the whole economy, the agriculture, forestry, and fishery sector increased by 2.99%, contributing 4.04%; the industry and construction sector increased by 9.44%, contributing 41.79%; the service sector increased by 10.57%, contributing 54.17%.

Analyzing this growth further, the General Statistics Office said that in the area of ​​agriculture, forestry, and fishery, the livestock industry developed stably, logging was promoted, and aquaculture production has increased quite to meet the demand for domestic consumption and export.

In which the agricultural sector in the first nine months of 2022 increased by 2.43% over the same period last year, contributing 0.22 percentage points to the increase in the total added value of the whole economy; the forestry sector increased by 5.2% but accounted for a low proportion, so it only contributed 0.03 percentage points; the fisheries sector increased by 4.43%, contributing 0.12 percentage points.

Meanwhile, in the industry and construction sector, the industry tends to recover quickly, with an increase of 9 months in 2022 reaching 9.63% over the same period last year, contributing 3.25 percentage points to the growth rate of total value added of the whole economy.

The processing and manufacturing industry is the growth engine of the whole economy, with an increase of 10.69%, only lower than the growth rate of the same period in 2011, 2017, and 2018, contributing 2. 74 percentage points. The construction industry increased by 8.55%, contributing 0.59 percentage points.

In particular, the service sector grew enormously, with the growth rate of 9 months in 2022 reaching 10.57%, the highest of 9 months in 2011-2022.

Notably, the number of market service industries increased sharply, contributing much to the growth rate of the economy’s total added value. For example, the wholesale and retail sector increased by 10.24% over the same period last year, contributing one percentage point; the transportation and warehousing industry increased by 14.2%, contributing 0.83 percentage points; the accommodation and food service sector had the highest increase in the service sector, with a rise of 41.7%, contributing 0.81 percentage points; financial, banking and insurance activities increased by 9.05%, contributing 0.52 percentage points…

Regarding the structure of the economy in the first nine months of 2022, according to the General Statistics Office, the agriculture, forestry, and fishery sector account for 11.27%; industry and construction accounted for 38.69%; service sector accounted for 41.31%; product tax minus product subsidies accounted for 8.73%.

Regarding GDP used in the first nine months of 2022, final consumption increased by 7.26% over the same period in 2021, contributing 44.46% to the overall growth rate of the economy; accumulated assets increased by 5.59%, contributing 18.46%; exports of goods and services increased by 8.94%; imports of goods and services increased by 4.74%; the difference between import and export of goods and services contributed 37.08%.

[Source: Online Investment Magazine]

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