Illustrative photo (Photo: VNA)Hanoi (VNA) – Vietnam’s grossdomestic product (GDP) in the first quarter of 2018 rose 7.38 percent, thehighest growth rate over the past ten years, according to the GeneralStatistics Office (GSO).
The growth was fueled by the outstandingperformance of the processing and manufacturing sector, the effectivestructural transformation of the agro-forestry-fishery sector, along withexport and tourism booms, said Nguyen Bich Lam, General Director of the GSO, ata press conference in Hanoi on March 29.
In the first three months of this year,the agro-forestry-fishery sector grew 4.05 percent; industry and construction,up 9.7 percent, and the service sector, up 6.7 percent.
In terms of economic structure, theagro-forestry-fishery sector makes up 10.34 percent of the GDP; industry andconstruction, 35.26 percent; and services, 43.77 percent.
The processing and manufacturingindustry became a spotlight of the economy in the period, with a growth rate of13.56 percent, the highest level over the past seven years.
The mining sector also posted a growthrate of 0.4 percent after sliding for two consecutive years. Meanwhile, theconstruction industry expanded 7.46 percent,lower than the pace of 8.6 percent recorded in the same period in 2016 and 7.6percent in the corresponding time last year.
The GSO also pointed to a number of indexesas rosy signs of the national economy, such as the Manufacturing Purchasing Managers' Index (PMI) which jumpedfrom 53.4 points in January to 53.5 points in February, and the consumptionindex of the processing and manufacturing industry in March which rose 16.4 percentagainst the previous month and 10.4 percent year-on-year.
During the reviewedperiod, inflation remained stable with the consumer price index (CPI) increasingby 2.82 percent as compared with the same period last year. Exports also surgedby 22 percent and imports increased by 13.6 percent.
By March 20, 2018,credit growth hit 2.23 percent, while total payment means, up 3.23 percent, andcapital mobilisation, up 2.2 percent, Lam said.
Such macro economicindexes reflect timely and effective instructions and management of the Government,Prime Minister Nguyen Xuan Phuc, as well as joint efforts of ministries,agencies and localities, he said.-VNA
The growth was fueled by the outstandingperformance of the processing and manufacturing sector, the effectivestructural transformation of the agro-forestry-fishery sector, along withexport and tourism booms, said Nguyen Bich Lam, General Director of the GSO, ata press conference in Hanoi on March 29.
In the first three months of this year,the agro-forestry-fishery sector grew 4.05 percent; industry and construction,up 9.7 percent, and the service sector, up 6.7 percent.
In terms of economic structure, theagro-forestry-fishery sector makes up 10.34 percent of the GDP; industry andconstruction, 35.26 percent; and services, 43.77 percent.
The processing and manufacturingindustry became a spotlight of the economy in the period, with a growth rate of13.56 percent, the highest level over the past seven years.
The mining sector also posted a growthrate of 0.4 percent after sliding for two consecutive years. Meanwhile, theconstruction industry expanded 7.46 percent,lower than the pace of 8.6 percent recorded in the same period in 2016 and 7.6percent in the corresponding time last year.
The GSO also pointed to a number of indexesas rosy signs of the national economy, such as the Manufacturing Purchasing Managers' Index (PMI) which jumpedfrom 53.4 points in January to 53.5 points in February, and the consumptionindex of the processing and manufacturing industry in March which rose 16.4 percentagainst the previous month and 10.4 percent year-on-year.
During the reviewedperiod, inflation remained stable with the consumer price index (CPI) increasingby 2.82 percent as compared with the same period last year. Exports also surgedby 22 percent and imports increased by 13.6 percent.
By March 20, 2018,credit growth hit 2.23 percent, while total payment means, up 3.23 percent, andcapital mobilisation, up 2.2 percent, Lam said.
Such macro economicindexes reflect timely and effective instructions and management of the Government,Prime Minister Nguyen Xuan Phuc, as well as joint efforts of ministries,agencies and localities, he said.-VNA
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