Vietnam reports Q3 economic growth at 13.67% after steep ascent due to pandemic
Recovery in private consumption contributed Vietnam's double-digit growth in the third quarter. © AP
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.