GDP contracts by 6.17 pct in Q3

By Minh Son   September 28, 2021 | 08:12 pm PT
GDP contracts by 6.17 pct in Q3
A woman shops at a supermarket in District 3, Ho Chi Minh City on July 11, 2021. Photo by VnExpress/Quynh Tran
Vietnam’s GDP shrank by 6.17 percent in the third quarter, as social distancing and other Covid-19-related restrictions hurt the economy.

In the first nine months, the GDP grew by 1.42 percent as against 2.12 percent in the same period last year.

The GSO labeled the nine-month performance a "big success" considering the current circumstances.

Between January and September, the services sector contracted by 0.69 percent year-on-year, according to a report released by the General Statistics Office Wednesday.

Industry-construction grew by 3.57 percent, and agriculture-forestry-fisheries by 2.74 percent.

The number of new businesses started in the period fell by 13.6 percent year-on-year to 85,500.

The number that suspended operations rose by 16.7 percent to 45,100.

Its survey of companies in the processing and manufacturing sector found 43.4 percent of respondents expecting the situation to improve in the last quarter.

For foreign companies the rate was 79.4 percent.

The World Bank on Tuesday pegged Vietnam's growth at 4.8 percent this year, expecting the economy to rebound in the last quarter.

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