Vietnam posts 7.4% GDP growth in Q3

ABO/NDO- Vietnam's gross domestic product (GDP) expanded by about 7.4% in the third quarter and 6.82% during the first nine months of 2024 compared to the respective periods of last year, the General Statistics Office (GSO) reported on October 6.

GSO General Director Nguyen Thi Huong said Typhoon Yagi, which hit Vietnam in early September, took a heavy toll on human lives, property, socio-economic development, and agro-forestry-fishery production in the northern region. Facing that fact, the country has exerted efforts to address natural disasters’ consequences, stabilise people’s life, bolster production and business activities, maintain macro-economic stability, and fuel economic growth.

Thanks to that, the GDP grew by an estimated 7.4% in Q3 from a year earlier. In particular, the agro-forestry-fisheries sector increased 2.58% to contribute 4.08% to the overall growth. The industry - construction sector rose 9.11% to contribute 48.88%. Notably, the processing - manufacturing industry was a bright spot of the economy, with a growth rate of 11.41% - the highest Q3 figure in six years. Meanwhile, the service sector went up 7.51%, contributing 47.04% to the economic growth.

Vietnam records an economic growth rate of 7.4% in Q3 and 6.82% during the first nine months of 2024. (Photo: VNA).

During the first nine months, the economy expanded by some 6.82% year on year, with the agro-forestry-fisheries sector up 3.2% to make a 5.37% contribution, industry and construction up 8.19% to contribute 46.22%, and the service sector up 6.95% to contribute 48.41% to the overall growth.

The GSO pointed out that the agro-forestry-fisheries was hit hard by Typhoon Yagi in September, leading to lower nine-month growth compared to the same period of previous years.

Regarding the economic structure between January and September, the agro-forestry-fisheries sector accounted for 11.64% of the economy, industry and construction 37.1%, service 42.8%, and product taxes less subsidies on products 8.46%. The respective figures in the same period of 2023 were 11.8%, 36.98%, 42.61%, and 8.61%.

Huong said a positive trend continued to be seen in the socio-economic situation in Q3 and the first nine months of 2024, with sectors obtaining many important results, creating growth momentum for the remaining months of the year.

(Source: NDO)