Vietnam’s 2017 GDP growth highest in seven years

Created 29 December 2017
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HANOI, HCMC – Gross domestic product (GDP) this year has expanded by an estimated 6.81%, the highest growth rate since 2011, which even beats the high target of 6.7% set by the Government early this year, according to the General Statistics Office (GSO).

Kết quả hình ảnh cho Vietnam’s 2017 GDP growth highest in seven years

The country’s economy has seen robust growth across the board. GSO said in a report released on December 27 that the all-year GDP expansion is driven by a 2.9% pickup in agriculture, forestry and fishery, an 8% rise in industry and construction, and a 7.44% improvement in services.

They have contributed 0.44, 2.77, and 2.87 percentage points to the overall economic growth rate respectively.

Among agriculture, forestry and fishery, the fishery sector enjoys the highest growth, at 5.54%, as fishery production this year has posted stronger growth than 2016.

Meanwhile, the industry sector expands 7.85% from the 2016 rate of 7.06%, contributing 2.23 percentage points to the general growth rate of industry and construction as a whole. Notably, the processing and manufacturing sector obtains a record high rate of 14.4%.

Wholesale and retail sales are up by 8.36% compared to the previous year, the highest contribution to the growth of the services sector.

GSO noted that the country’s economic growth has been progressively higher quarter after quarter. It started the year on a low note, at 5.15% in quarter one, before picking up 6.28% in quarter two and 7.46% in quarter three, and finally accelerates to 7.65% in the final quarter.

The size of the economy is estimated at more than US$220.5 billion at current prices.
CPI below 4% target

The 2017 CPI has edged up 3.53% against the previous year, below the Government target of 4%, GSO data shows.

In particular, pharmaceuticals/healthcare, and education services have recorded strong spikes at 42.29% and 9.1% respectively, mainly thanks to the scheduled fee adjustments.

Other groups reporting price rises are transport, housing, and construction material.

Meanwhile, the catering service is down by 1.08% due to a decline in food prices. Besides, the food group as the most weighted category of commodities used for CPI calculation is down by 2.6% year-on-year, thereby offsetting the 1.61% rise in foodstuffs and the 1.45% increase in the dining service.

Core inflation, a measure of inflation that excludes certain items with volatile price movements such as food, energy and other certain commodities controlled by the Government – the healthcare and education services, has inched up by 1.41% against the previous year.


Source: ThesaigonTimes

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