GDP Expands 5.66% in January-March Period

9:53:28 AM | 4/2/2024

Viet Nam’s GDP was estimated to expand 5.66 percent in January-March period, the highest rate over the same period since 2020, according to the General Statistics Office (GSO). 

The expansion is higher than previous forecasts of both Standard Chartered and UOB (Singapore) at 5.5-6.1 percent.

The industry and construction sector grew by 6.28 percent. It was followed by the service sector with the growth rate of 6.12 percent thanks to sharp increase in retail and tourism.

Meanwhile, the agro-forestry-fishery sector rebounded at a slower pace of 2.98 percent.

The agro-forestry-fishery sector accounted for 11.8 percent of the country's GDP while industry and construction made up 35.7 percent. and service sector 43.5 percent.

The GSO also reported that inflation rate picked up 3.77 percent against the same period last year.

Trade turnover surpassed US$178 billion, representing a year-on-year increase of 15.5 percent of which export turnover increased by 17 percent and import value rose nearly 14 percent. Viet Nam ran a trade surplus of US$8.08 billion.

Source: VGP