Vietnam’s GDP up 1.42 percent in nine months
Hanoi (VNA) – Vietnam’s gross
domestic product (GDP) expanded by 1.42 percent in the first nine months of
2021 from the same period last year, marking a great success of the country in
the fight against the COVID-19 pandemic and maintaining production and business
amid the prolonged period of social distancing in many provinces and cities.
Data from the General Statistics Office (GSO)
showed that the nation’s GDP declined by 6.17 percent annually in the third
quarter, the sharpest drop since Vietnam began announcing its quarterly GDP figures in 2000. Of which,
industry and construction contracted by 5.02 percent, services down 9.28
percent, and agro-forestry-fishery down 1.04 percent.
About the use of GDP in
the third quarter, consumption was down 2.83 percent year-on-year, asset
accumulation up 1.61 percent, exports of goods and services up 2.51 percent,
and imports of goods and services moved up 10.75 percent.
The nine-month GDP growth was
thanks to the agro-forestry-fishery sector with an expansion rate of 2.74
percent, contributing 23.52 percent to the overall growth; industry and
construction with a growth rate of 3.57 percent, contributing 98.53 percent.
Meanwhile, services were down 0.69 percent, pulling national growth down by
22.05 percent.
Agro-forestry-fisheries continued to play its role as a mainstay of the economy
amid the pandemic. Specifically, agriculture grew by 3.32 percent, contributing
0.31 percentage point to the added value of the economy. Forestry and fisheries
each added 0.02 percentage point thanks to their respective expansion rates of
3.3 percent and 0.66 percent.
Meanwhile, industry and
construction, manufacturing and processing are growth driving forces of the
economy with an expansion of 6.05 percent, contributing 1.53 percentage points
to the added value of the entire economy.
The prolonged pandemic
badly affected trade and service activities. The wholesale and retail sector fell by 3.1 percent, the transportation and warehousing industry decreased by 7.79 percent and the accommodation and food service industry dropped by 23.18 percent.
The health sector, in contrast, achieved the highest growth rate with a sharp increase of 21.15 percent, followed by the financial, banking and insurance industry with an increase of 8.37 percent and information and communication, up by 5.24 percent./.