Vietnam’s nine-month GDP increases by 4.24%

Vietnam’s GDP in the first nine months of this year rises by 4.24% year-on-year. (Photo: VNA)

Hanoi (VNA) – Vietnam’s gross domestic product (GDP) in the firstnine months of this year rose by 4.24% from the same period lastyear, the General Statistics Office (GSO) announced on September 29.

In the third quarter, the country's economic growth rate was estimatedat 5.33% compared to the same quarter of 2022.

The GSO assessed that although the nine-month growth rate is onlyhigher than those in the same period of 2020 and 2021 in the past 12 years, it showed a positive trend of increasing gradually over the quarters: 3.28% in thefirst quarter, 4.05% in the second quarter and 5.33% in the third quarter.

In the January-September period, the agro-forestry-fisherysector expanded by 3.72%, contributing 8.03% to the total added value of theentire economy. The growth rates of the industrial and construction sector and the service industry were 5.19% and 6.24% with contribution proportions of 38.63% and 53.34%, respectively.

Illustrative image (Photo: VNA)

Amidst common difficulties and challenges of the worldeconomy, most international organisations have revised down their forecasts ofVietnam’s growth rate for 2023 based on results and forecastsof domestic production and business activities and the impact of the worldeconomy.

The Vietnamese Government and Prime Minister Pham Minh Chinhhave directed ministries, sectors and localities to implement drastic measuresto solve difficulties, promote growth, and maintain macro-economic stabilityand major balances of the economy./.

VNA