GDP growth rate hits six-month record low of 1.81%
|
This can be attributed to the second quarter of the year being heavily disrupted by the effects of the novel coronavirus (COVID-19) epidemic along with a range of heavy social-distancing measures implemented by the Government. As a result, the GDP of the agriculture, forestry and fishery sector saw an increase of a mere 1.72%, the industry and construction sector by 1.38%, whilst the service sector suffered a drop of 1.76%.
With regard to general growth in the economy as a whole, the agriculture, forestry and fishery sector increased by 1.19%, contributing 11.89% to overall growth, with industry and construction rising by 2.98%, accounting for 73.14%, whilst the contribution and service sector grew by 0.57%, contributing 14.97%.
Most notably, the opening months of the year have been strongly affected by the effects of the COVID-19, seriously affecting trade, service, and import-export activities. Indeed, the service sector during the reviewed period reached the lowest rate of during the 2011 to 2020 period.
Within the service sector, the contribution of a number of markets make up a large proportion of the increase in total added value during the reviewed period. As such, wholesale and retail increased by 4.3% on-year to make it the largest contributor to the increase in total value added of the economy. This was followed by finance banking and insurance, which went up by 6.78%, whilst transportation and warehouses fell by 3%, with accommodation and catering services down by 20.7%.
According to Huong, amid the challenging context of the COVID-19 epidemic negatively affecting all socio-economic fields, the entire political system, the Government, and the Prime Minister have made epidemic prevention and control top priorities, choosing to sacrifice some economic benefits to ensure the lives and health of citizens are protected. This will serve as a solid foundation for the national economy to maintain growth momentum without falling into negative growth.
"The above results are attributable to the great efforts by sectors, the business community, and people in the fight against the pandemic, at the same time maintaining production and business activities and gradually ringing the economy back to normal as it was before the epidemic occurred," GSO deputy general director Huong emphasised.
Related News
Vietnam posts 3.32% GDP growth in Q1
15:34 | 29/03/2023 Import-Export
CIEM sketches out Vietnam’s 2023 economic scenarios
15:49 | 29/01/2023 Headlines
AMRO revises Vietnam"s 2023 GDP upward despite regional slowdown
17:48 | 21/01/2023 Import-Export
UOB maintains Vietnam’s GDP growth forecast at 6.6%
15:28 | 04/01/2023 Headlines
Latest News
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Vietnam commits to building prosperous, fair, healthy Mekong River basin: PM
16:09 | 05/04/2023 Headlines
Việt Nam, US hold 12th political, security, defence dialogue
14:15 | 03/04/2023 Headlines
More News
Private sector remains driving force for economy
14:11 | 03/04/2023 Headlines
State visit to Vietnam by Australian Governor-General to deepen the two’s goodwill, trust: expert
14:10 | 03/04/2023 Headlines
Vietnam"s economy to grow by 6.6% this year: OECD
17:45 | 02/04/2023 Headlines
Bright outlook for Vietnamese tourism in new situation
16:52 | 02/04/2023 Headlines
Vietnam, US hold 12th Political, Security, Defence Dialogue
20:25 | 01/04/2023 Headlines
Vietnam calls for comprehensive, all-society approach to waste management
14:32 | 31/03/2023 Headlines
Many factors support foreign capital flow
13:40 | 30/03/2023 Headlines
Foreign SMEs pour capital into Vietnam
13:37 | 30/03/2023 Headlines
Leaders of aviation firms to be disciplined if employees committed wrongdoings
15:38 | 29/03/2023 Headlines
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Vietnam commits to building prosperous, fair, healthy Mekong River basin: PM
16:09 | 05/04/2023 Headlines
Việt Nam, US hold 12th political, security, defence dialogue
14:15 | 03/04/2023 Headlines
Private sector remains driving force for economy
14:11 | 03/04/2023 Headlines