The Vietnamese economy is estimated to grow at 5.89 percent in 2011, according to the General Statistics Office (GSO) on December 29.

In its 2011 Socio-economic Statistics, the GSO reported that disbursed social investment is estimated to total 877.9 trillion VND, accounting for 34.6 percent of GDP. The figure shows an increase of 5.7 percent from 2010.

Total State budget collection is estimated to reach 674.5 trillion VND while State budget spending is to stand at 796 trillion VND.

The GSO estimated that State budget overspending is equivalent to 4.9 percent of GDP, which is lower than the set rate of 5.3 percent.

Total payment balance is estimated to grow 10 percent (the yearly rate was set at 15-16 percent) and total credit balance is estimated to rise 12 percent (the set rate for the year was below 20 percent).

As consumer spending in December was expanded by 0.53 percent over November, the consumer price index for the whole year is estimated to average 18.58 percent.

According to the GSO, population is estimated to rise 1.04 percent from last year, to number 87.84 million, with women accounting for 50.5 percent, representing an increase of 0.99 percent. The number of urban dwellers is 26.88 million, making up 30.6 percent of population.

Unemployment rate among people of working age is 2.27 percent. The respective figures for urban and rural areas are 3.6 percent and 1.71 percent.

Despites economic difficulties, the implementation of the Party’s policies and the Government’s social welfare programmes has helped improve people’s living conditions significantly.

In 2011, the Government allocated 2.74 trillion VND in development capital for 62 poor districts across the country./.