GDP grows by 5.33% in Q3

This information was released at a press conference held on September 29 in Hanoi under the GSO’s report on the socio-economic situation in the third quarter and for the opening nine months of the year.

Although the expansion is only higher than the growth rate of the same period in 2020 and 2021 in the 2011 to 2023 period, there is an upward trend with GDP in the first, second, and third quarter increasing by 3.28%, 4.05%, and 5.33%, respectively.

In general, GDP during the nine-month period rose by 4.24% against the same period from last year, which is only higher than the growth rate of 2.19% and 1.57% seen during the nine-month period of 2020 and 2021 in the 2011 to 2023 period.

The agro-forestry-fishery sector witnessed an increase of 3.43%, while the industrial and construction sector expanded by 2.41%. Most notably, the service sector edged up 6.32%, thereby contributing 68.57% to the overall expansion.

In September, the consumer price index (CPI) inched up 1.08% compared to the previous month, up 3.12% against December, 2022, and 3.66% compared to the same period from last year. The average CPI recorded in the third quarter of the year grew by 2.89% compared to the third quarter of 2022.

The CPI during the nine-month period duly increased by 3.16% against the same period from last year with core inflation rising by 4.49%.

Among 10 groups of goods and services recording an increase in price index in September, the education group saw the highest rise of 8.06%, while the post and telecommunications group endured a decrease of 0.23%.

According to the GSO, total import-export turnover during the nine-month period reached nearly US$500 billion, of which export value hit US$259.67 billion, down 8.2% on-year, whilst import value was down 13.8% to US$237.99 billion on-year.

With regard to trade balance, the country posted a trade surplus of US$2.29 billion in September and US$21.68 billion during the nine-month period.