Vietnam posts 7.4 percent GDP growth in Q3
Society – Economy - Ngày đăng : 06:48, 07/10/2024
GSO General Director Nguyen Thi Huong said Typhoon Yagi, which hit Vietnam in early September, took a heavy toll on human lives, property, socio-economic development, and agro-forestry-fishery production in the northern region. Facing that fact, the country has exerted efforts to address natural disasters’ consequences, stabilise people’s life, bolster production and business activities, maintain macro-economic stability, and fuel economic growth.
Thanks to that, the GDP grew by an estimated 7.4 percent in Q3 from a year earlier. In particular, the agro-forestry-fisheries sector increased by 2.58 percent to contribute 4.08 percent to the overall growth. The industry-construction sector rose 9.11 percent to contribute 48.88 percent. Notably, the processing-manufacturing industry was a bright spot of the economy, with a growth rate of 11.41 percent - the highest Q3 figure in six years. Meanwhile, the service sector went up 7.51 percent, contributing 47.04 percent to the economic growth.
During the first nine months, the economy expanded by some 6.82 percent year on year, with the agro-forestry-fisheries sector up 3.2 percent to make a 5.37 percent contribution, industry and construction up 8.19 percent to contribute 46.22 percent, and the service sector up 6.95 percent to contribute 48.41 percent to the overall growth.
The GSO pointed out that the agro-forestry-fisheries were hit hard by Typhoon Yagi in September, leading to lower nine-month growth compared to the same period of previous years
Regarding the economic structure between January and September, the agro-forestry-fisheries sector accounted for 11.64 percent of the economy, industry and construction 37.1 percent, service 42.8 percent, and product taxes less subsidies on products 8.46 percent. The respective figures in the same period of 2023 were 11.8 percent, 36.98 percent, 42.61 percent, and 8.61 percent.
Huong said a positive trend continued to be seen in the socio-economic situation in Q3 and the first nine months of 2024, with sectors obtaining many important results, creating growth momentum for the remaining months of the year.