GDP grows by only 1.42% during nine-month period
VOV.VN - Vietnam's gross domestic product (GDP) growth rate during nine- month period increased by just 1.42% due to the COVID-19 pandemic impacting all economic sectors, with several localities imposing prolonged social distancing measures, according to the General Statistics Office.
Most notably, GDP growth rate during the third quarter of the year was estimated to have declined by 6.17% compared to the same period from last year, thereby marking the deepest decrease since the nation started to unveil its quarterly GDP.
The agro-forestry-fisheries, along with industry and construction sectors, enjoyed respective rises of 2.74% and 3.57%, while the service sector endured a slight drop of 0.69%.
The industrial, processing and manufacturing sectors remained the driving force behind the national economy with a growth rate of 6.05%, while the electricity generation and distribution sector registered a rise of 5.24%. In addition, the mining and construction industries witnessed a fall of 7.17% and 0.58%, respectively.
Due to the complicated nature of the COVID-19 pandemic, the wholesale and retail sectors during the reviewed period experienced an annual decrease of 3.1%, while the transportation and warehousing sectors endured a fall of 7.79%. In line with this, the accommodation and food service industry also saw a sharp decline of 23.18%.
The health sector and social support activities achieved the highest growth rate with a rise of 21.15%, followed by the financial, banking and insurance sector which saw an increase of 8.37%. Elsewhere, the information and communication sector went up by 5.24%.
With regard to economic structure, the agro-forestry and fishery sector accounted for 12.79%, while the industrial and construction and service industries made up 38.03% and 40.19%, respectively.
Throughout the reviewed period, exports and imports of goods and services rose by 14.21% and 18.46%, respectively.
