At a meeting held in Hanoi on September 26 to review September’s production performance, the MPI added that the country’s GDP grew at a rate of 6.55 percent in the third quarter, lower than the figure recorded in the first quarter (9.38 percent), but higher than that in the second quarter (5.38 percent).

Another positive sign of the country’s economic growth over the first nine months of 2008 is the development of the agro-forestry-fishery sector despite the impact of natural disasters, epidemics and price hikes, with its total production value reaching 5.43 percent, a 1.2 percent year-on-year increase.

The sector posted a growth rate of 3.57 percent, a rise of 0.55 percent over the last year.

During the 9-month period, exports totaled US$48.6 billion, a year-on-year increase of 39 percent, while trade deficit stood at US$15.8 billion, equal to 32.6 percent of the total earnings, which led to a trade deficit forecast of US$19 billion for the whole year.

The country’s consumer price index (CPI) saw a 0.18 percent increase in September, the lowest rise since the beginning of the year.

State budget collections in the period fulfilled 90.5 percent of the set target for 2008, while budget spending was calculated at 78 percent.

During this period, the country attracted US$57.12 billion in FDI, a five-fold increase on the same period last year.

According to the MPI Deputy Minister Cao Viet Sinh, it will be difficult to achieve the year’s projected GDP growth rate of 7 percent.