Vietnam’s GDP in the first Quarter of 2018 estimated increase of 7.38%Friday, April 27,2018
AsemconnectVietnam - GDP in the first Quarter of 2018 achieved an estimated increase of 7.38% against the same period last year, this is the highest growth rate of the first Quarter in the last ten years, confirming the timeliness and efficiency of solutions issued by the Government and the Government’s drastic direction for all levels, sectors and localities together to make effort to implement those solutions right from the first days and first months of 2018.
In the sector of agriculture, forestry and fishery, the agriculture increased by 3.76% compared with the same period last year, higher than the growth rate in the first Quarter of the years 2011-2017, contributed 0.31 percentage points to the general growth; the forestry reached the growth rate of 5.03%, due to low propotion, contributed only 0.03 percentage points; the fishery rose by 4.76%, recording the highest growth rate in 8 years, contributed 0.12 percentage points.
In the industrial and construction sector, the industry increased by 10.08% over the same period last year, contributed 3.01 percentage points to the general growth. The highlight of this sector was the strong growth of the manufacturing with 13.56% (this was the highest growth rate in 7 years), contributed significantly to the general growth with 2.46 percentage points. The mining and quarrying in the first Quarter of this year reached the positive growth with 0.40% after two consecutive years of decline, contributed 0.03 percentage points due to the increase in coal, metal and gas production compared with the similar period last year. The construction in the first three months of the year went up by 7.46%, lower than the growth rate of 8.60% in the same period in 2016 and 7.60% in the identical period in 2017, contributed 0.38 percentage points to the general increase.
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 7.45% over the same period last year, this was the industry with the highest contribution to the general increase with 0.79 percentage points; Accommodation and catering services had the fairly high growth rate of 7.60% compared with the increase rate of 6.03% in the first Quarter of 2017, contributed 0.32 percentage points; Financial, banking and insurance activities rose by 7.72%, contributed 0.31 percentage points; Real estate business climbed by 3.56%, contributed 0.22 percentage points.
About economic structure in the first Quarter of this year, the sector of agriculture, forestry and fishery made up 10.34%; the sector of industry and construction accounted for 35.26%; the service sector represented 43.77%; the taxes less subsidies on production accounted for 10.63% (the corresponding structure of the same period in 2017 was 11.19%; 34.14%; 43.92%; and 10.75%).
In terms of GDP use in the first Quarter, final consumption rose by 7.13% from the similar period in 2017, contributed 5.04 percentage points to the general growth (of which final consumption of households increased by 7.15%, contributed 4.65 percentage points); accumulated assets grew by 6.46%, contributed 1.15 percentage points; trade balance of goods and services at trade surplus increased 1.19 percentage points of the general growth rate.
Source: General Statistics Office
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