GDP in the first quarter increased by 5.03%
GDP growth in the first quarter of this year was higher than in 2020 and 2021 but still much lower than in 2019, when Covid-19 had not appeared.
This morning (March 29), the General Statistics Office announced socio-economic data for the first three months of 2022. Gross domestic product (GDP) in the first quarter was estimated to increase by 5.03% over the same period last year. previous, higher than the growth rate of 4.72% of the first quarter of 2021 and 3.66% of the first quarter of 2020.
In the first 3 months of the year, most industries and fields tended to recover and grow again. In which, the area of agriculture, forestry and fishery increased by 2.45% (contributing 5.76% to the overall growth). Industry and construction increased by 6.38%, contributing 51.08%. Services increased by 4.58% (contributing 43.16%).
The manufacturing and processing industry continued to play a leading role in the growth of the economy with an increase of 7.79% over the same period last year. In which, the mining industry grew positively by 1.23% (coal mining increased by 3.2% and metal ore increased by 5%). Construction industry increased by 2.57%, lower than the growth rate of 6.53% in the first quarter of 2021.
The service sector prospered when the epidemic was controlled and many activities were active again. Some industries such as finance, banking and insurance increased by 9.75%; transportation, warehousing increased by 7.06%; wholesale and retail increased by 2.98%.
The first quarter also recorded the recovery of import and export. Total import and export turnover of goods reached 176.35 billion USD, up 14.4% over the same period last year, of which export increased 12.9%; imports increased by 15.9%.
However, the General Statistics Office also noted that Vietnam’s economy entering the second quarter will face many difficulties. The reason is that Vietnam has a large economic openness, while the geopolitical situation is complicated, the world economic growth slows down, commodity prices rise… Therefore, this agency assessed, the Reaching the 6.5% growth target is challenging.
To achieve the growth target, the General Statistics Office believes that it is necessary to continue to well implement Resolution 128 on safety adaptation; focus on disbursing all public investment capital. Vietnam also needs to persevere in stabilizing the macro economy and market prices, constantly updating inflation scenarios and monitoring price movements of essential commodities.
In addition, the agency said that Vietnam needs to promote domestic production, self-reliance in fuel supply, promote the domestic market, remove barriers to facilitate domestic consumption.
Duc Minh
at Blogtuan.info – Source: vnexpress.net – Read the original article here
