HIGHLIGHTS
- The gross domestic product (GDP) in the third quarter of 2021 was estimated to decrease by 6.17%, hitting the lowest point so far.
- GDP in the first nine months of 2021 was estimated to increase by 1.42% over the same period last year.
FULL ARTICLE
Gross domestic product (GDP) in the third quarter of 2021
According to the General Statistics Office, GDP in the third quarter of 2021 in Vietnam was estimated to decrease by 6.17% compared to the same period last year.
In which:
- Agriculture, forestry, and fishery increased by 1.04%
- Industry and construction sector decreased by 5.02%
- Service sector decreased by 9.28%.
Consumption decreased by 2.83% over the same period last year; accumulated assets increased by 1.61%; exports and services increased by 2.51%; imports and services increased by 10.75%.
GDP estimation for 9 months of 2021
Nguyen Thi Huong, General Director of the General Statistics Office, estimated that the gross domestic product (GDP) in the first 9 months of 2021 would increase by 1.42% over the same period last year, despite the pandemic.
Specifically, the agriculture, forestry, and fishery sector increased by 2.74%, took up 23.52%; the industry and construction sector increased by 3.57%, contributing 98.53%; the service sector decreased by 0.69%, which made GDP decrease by 22.05%.
Agricultural production in the first nine months of 2021 took place under the favorable weather. Thus, this sector gained a relatively high productivity. However, the social distancing measures affected the supply chain of agricultural production hard.
In the industry and construction sector, the processing and manufacturing industry is the driving force of the economy with a growth rate of 6.05%; contributing 1.53 percentage points to the growth rate of the total added value.
On the other hand, the trade and service activities had negative growth in the several service industries. The wholesale and retail sectors decreased by 3.1% over the same period last year; the transportation and warehousing industry decreased by 7.79%; accommodation and catering services decreased by 23.18%.
Meanwhile, the health sector and social assistance activities achieved the highest growth rate with an increase of 21.15%; financial, banking, and insurance activities increased by 8.37%; the information and communication sector increased by 5.24%.
Phan Quyen
FURTHER READING:
China submits the application to join CPTPP
