GDP expands by 5.66% in Q1

By Phuong Anh   March 28, 2024 | 08:00 pm PT
Vietnam's GDP grew by 5.66% in the first quarter, the highest rate for the period since 2020, according to the General Statistics Office.

Industry and construction grew at 6.28% and accounted for 35.7% of the GDP.

Following close behind was the services sector with 6.12%, thanks to sharp increases in retail and tourism, which accounted for 43.5% of the economy.

Agriculture, forestry and fisheries grew by 2.98% and and were 11.8% of GDP.

The Consumer Price Index, which measures inflation, rose by 3.77% year-on-year during the quarter.

Foreign trade was worth $178 billion, up 15.5% from the same period last year, and there was a trade surplus of $8.08 billion.

Foreign lenders like Standard Chartered Bank and UOB had forecast growth of 5.5-6.1%.

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