Vietnam posts 3.32% GDP growth in Q1
The Vietnamese economy expanded about 3.32% in Q1 of 2023 compared to the same period last year. (Photo: VNA)
Vietnam’s gross domestic product (GDP) has grown about 3.32% year on year in the first quarter of 2023, according to the General Statistics Office (GSO).
The expansion is only higher than the 3.21% recorded in Q1 of 2020 during the 2011 - 2023 period, the GSO told a press conference on March 29.
In particular, the agro-forestry-fishery sector expanded 2.52% and contributed 8.85% to the GDP growth. Meanwhile, industry and construction contracted 0.4%, leading to a 4.76% decline in the growth, and the service sector increased 6.79% to contribute to 95.91% of the overall expansion.
In the agro-forestry-fishery sector, agriculture saw a year-on-year increase of 2.43% in added value, forestry 3.66%, and fisheries 2.68%.
The GSO press conference on March 29 (Photo: VNA)
The added value of construction dropped 0.82% in Q1, the sharpest fall in the first three months of the years since 2011, while that of construction increased 1.95%, only higher than the 0.28% and 1.41% recorded in Q1 of 2011 and 2012 during 2011 - 2023.
The service sector has clearly shown recovery as a result of consumption stimulation policies, the economic reopening since March 15 last year, and overseas tourism promotion, GSO General Director Nguyen Thi Huong said.
Between January and March, the agro-forestry-fishery sector made up 11.66% of the economy, industry and construction 35.47%, the service sector 43.65%, and taxes on goods (excluding subsidies) 9.22%.
Among the 63 provinces and centrally-run cities, 58 posted growth in gross regional domestic product (GRDP) while five saw declines, the GSO noted.
Huong held that amid global economic uncertainties, the positive socio-economic results in Q1 have proved the effectiveness of management and governance policies of the Government, ministries, sectors, and localities./.
Related News
Wood exports started well
13:26 | 20/04/2024 Import-Export
Leverage to increase the scale of Vietnam - Laos trade turnover
10:51 | 15/04/2024 Import-Export
Vietnam-China trade reaches over US$ 27 billion
09:29 | 10/04/2024 Import-Export
How more than 6 tons of smuggled gold transported to Vietnam?
07:49 | 05/04/2024 Anti-Smuggling
Latest News
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
More News
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export
Vietnamese rice prices on the hike
15:08 | 22/04/2024 Import-Export
FDI flow into garment and textile sector bounces back
15:06 | 22/04/2024 Import-Export
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Find ways to a corporation for businesses in industrial parks
10:38 | 22/04/2024 Import-Export
Export turnover of two agricultural product groups grows three-digit
18:10 | 21/04/2024 Import-Export
Early warnings reduce risks in trade defense
18:09 | 21/04/2024 Import-Export
Rubber exports are flourishing, promising potential
17:51 | 20/04/2024 Import-Export
Vietnam becomes biggest rice supplier for Singapore
17:49 | 20/04/2024 Import-Export
Your care
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export