Vietnam reports Q3 economic growth at 13.67% after steep ascent due to pandemic

Xuan Thinh Thursday | 09/29/2022 11:16

Recovery in private consumption contributed Vietnam's double-digit growth in the third quarter. © AP

Vietnam's July-September economy grew by 13.67% against the same period of 2021 as exports to the U.S. jumped sharply, according to the latest data from the General Statistics Office of Vietnam.

The third quarter of 2021 was the time when the Covid-19 pandemic broke out in the country, seriously affecting production and business activities. The steep ascent was a 6.02% contraction in the third quarter of 2021 due to strict measures to contain Covid-19.

The agriculture, forestry, and fishery sector increased by 3.24%; the industry and construction sectors increased by 12.91%; the service sector increased by 18.86%.

Regarding the use of GDP in the third quarter of 2022, consumption increased by 10.08% over the same period last year, contributing 38.21% to the overall growth rate of the economy.

The economic growth came after the nation's economy expanded 7.83% in the April-June quarter, an upward revision of 0.11 a percentage point.

Overall, GDP in the first nine months of 2022 increased by 8.83% over the same period last year, the highest increase of 9 months in the period 2011-2022, according to the report.

The agricultural sector in the first nine months of 2022 increased by 2.43% over the same period last year, contributing 0.22 percentage points to the increase in the total added value of the whole economy; the forestry sector increased by 5.2% but accounted for a low proportion, so it only contributed 0.03 percentage points; the fisheries sector increased by 4.43%, contributing 0.12 percentage points.

Vietnam's economic growth is being led by exports to the U.S., which in the January-September period expanded 25.4% from the same period of 2021. 

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