Industry growth predicted to hit over 6.8 percent in Q1 hinh anh 1Automobile assembling at Toyota Phu Yen (Source: VNA)

Hanoi (VNA) – Industry is forecast to lead all sectors in terms of growth at 6.87 percent each in the first quarter of 2018, according to the National Centre for Socio-Economic Information and Forecast (NCIF).

Dr. Dang Duc Anh, head of the centre’s Department of Analysis and Forecast, said the surge of 17 percent of the manufacturing and processing industry in the first two months of this year would drive the whole industry sector.

According to the centre, which is run by the Ministry of Planning and Investment, economic growth of the country in the first quarter may reach 6.23 percent, up from 5.15 percent in the same period last year.

The NCIF predicted the service sector will expand 6.74 percent in the first quarter, while inflation many reach 3.1 percent, higher than in the same period last year.

Continuing from 2017, progress has been seen in all economic indications in the first quarter of 2018 thanks to busy manufacturing, construction, trade, wholesale and retail, banking and tourism sectors.

GDP growth in 2018 is now predicted to hit 6.83 percent, higher than the centre’s forecast in December last year.

The Government’s efforts in removing difficulties facing businesses are expected to help boost the industry and construction sectors.

Meanwhile, agro-forestry-fishery is forecast to continue expanding as measures to develop sustainable agriculture are becoming effective.

At the same time, economic experts said the three main factors boosting economic growth this year include drastic actions of the Government in improving the business environment, and stability in macro-economic policies.

Additionally, major projects in the processing and manufacturing sector and the newly-signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are predicted to lift investment and trade, they added.-VNA