This year's economy grew 5.05%, lower than the target of 6.5%, in the context of global difficulties, with many countries experiencing low growth, according to the General Statistics Office.
According to data released by the General Statistics Office on the morning of December 29, GDP in the fourth quarter is estimated to have increased by 6.72% over the same period last year. This level is higher than the fourth quarters of 2012-2013 and 2020-2022.
Thus, this year's GDP increased by 5.05% over the previous year, higher than the growth rate of 2020 and 2021 - the time affected by the Covid-19 pandemic.
Ms. Nguyen Thi Huong, Director General of the General Statistics Office, assessed that Vietnam's economic growth of 5.05% is a bright spot in the context of the global economy still facing difficulties, with many countries experiencing low growth. "We can see Vietnam's efforts through the fact that the growth rate in each quarter is higher than the previous quarter," she said.
With this growth momentum, the size of Vietnam's economy at current prices will reach 430 billion USD by the end of 2023. GDP per capita will reach 4,284 USD, an increase of 160 USD over the same period last year. Labor productivity of the entire economy will be about 8,380 USD per worker, an increase of 274 USD.
Regarding inflation, the average CPI in the fourth quarter increased by 3.54% compared to the previous quarter. Overall, this year's CPI increased by 3.25% compared to the same period in 2022, reaching the target set by the National Assembly (below 4.5%).
Services are still the group that contributes the most to the added value of the economy, over 62%. According to the General Statistics Office, trade and tourism activities maintained growth, contributing positively to the growth of services. Thanks to that, the added value of this sector exceeded 6.82% compared to the previous year, and was higher than in 2020-2021.
Meanwhile, industry and construction continued to face many difficulties in the context of declining global demand. The total added value of the entire industry reached only 3.02%, of which the processing and manufacturing industry increased by 3.62% - the lowest level in 13 years.
Imports and exports decreased by 6.6% compared to last year, but this was the result of many efforts to expand new markets and promote trade in the context of a sharp decline in global demand, reaching 693 billion USD. The trade balance of goods had a surplus of 28 billion USD.
Speaking earlier at the financial sector review conference on the afternoon of December 27, Deputy Prime Minister Le Minh Khai said that the GDP for the whole year is estimated to increase by about 5%, in the context of the economy being affected by unprecedented external impacts and internal problems. The Government has continuously prioritized promoting growth, maintaining macroeconomic stability, controlling inflation and ensuring major balances of the economy.
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