GDP growth slows in Q1

By Duc Minh   March 28, 2023 | 08:55 pm PT
GDP growth slows in Q1
Customers shop at a supermarket in in Ho Chi Minh City in January 2023. Photo by VnExpress/Thanh Tung
Vietnams’ GDP growth slowed to 3.32% year-on-year in the first quarter, the second lowest growth rate in the last 12 years.

Industry and construction, one of three main growth pillars of the country, posted an expansion rate of only 0.4% as major industries were hurt by rising input costs and plunging orders, according to the General Statistics Office.

Agriculture, forestry and seafood gained 2.52%, while services surged 6.79%, the latter thanks to policies issued to boost domestic consumption.

Services accounted for 43.65% of GDP, followed by industry and construction, agriculture, forestry and seafood.

The 3.32% GDP growth rate was the second lowest in the first quarter of the last 12 years, and behind 2020 when it expanded by 3.21%.

Total trade declined by 13.3% year-on-year to $154.27 billion for the period, as the global economy was slow to recover and many countries tightened their monetary policies. This had a large impact on Vietnam’s exports.

The country, however, still recorded a trade surplus of $4.07 billion.

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