Business News 11/04/2024, 07:04

GDP in the first quarter of 2024 increased by 5.66%, the highest in 4 years

GDP in the first quarter of 2024 is estimated to increase by 5.66% over the same period last year, higher than the growth rate of the first quarter during the recent 4 years 2020-2023. Notably, industrial production continued to prosper, and vibrant trade and service activities pushed total retail sales of goods and consumer service revenue up 8.2%.

GDP in the first quarter of 2024 increased by 5.66%, the highest in 4 years

On March 29, mrs. Nguyen Thi Huong, Director of General of the General Statistics Office, chaired a press conference to announce socio-economic statistics for the first quarter of 2024 in Hanoi.

ECONOMIC BREAKTHROUGH 

Regarding the context covering the world economy in the first 3 months of 2024, Director General Nguyen Thi Huong said the global economy continues to face numerous difficulties and challenges. Strategic competition between major countries is increasingly fierce, increasing geopolitical tensions.

Along with that, natural disasters, droughts, storms and floods, and climate change cause serious consequences; The risks of energy security, food security, and cyber security are increasing.

Inflation, although cooling down, is still higher than the target. Many major economies continue to operate tight monetary policies, maintaining high-interest rates; global trade, consumption, and investment recovered slowly.

Ministries, branches, and localities in Vietnam have focused on building action plans to synchronously implement solutions to achieve growth goals. Therefore, Vietnam's socio-economic performance in the first quarter of 2024 achieved positive results in the context of many uncertainties in the world economy, confirming the effectiveness of the Government's management and administration policies, as well as ministries, branches, and localities.

Looking back at the growth rate of the same quarters in the same period, General Statistics Office data shows that the GDP growth rate in the first quarter of 2020-2023 was: 3.21%; 4.85%; 5.12%; 3.41%.

Contributing to the national GDP growth rate, the leader of the General Statistics Office said that the agriculture, forestry and fishery sector increased by 2.98%, contributing 6.09% to the increase in total added value of the whole economy.
The industrial and construction sector increased by 6.28%, contributing 41.68%. The service sector increased by 6.12%, contributing 52.23%.

INDUSTRY PROSPERS, COMMERCIAL ACTIVITIES ARE VIBRANT

Notably, according to the report of the General Statistics Office, in the industry and construction sector, industrial production prospered and continued its growth momentum from the end of 2023. Added value of the entire industry in the first quarter of 2024 increased by 6.18% over the same period last year, contributing 2.02 percentage points to the increase in the total added value of the entire economy.

Furthermore, the industrial production index in the first quarter of 2024 compared to the same period last year increased in 54 localities and decreased in 9 localities across the country. Some localities have had a fairly high increase in the IIP index due to the processing and manufacturing industry; The electricity production and distribution industry increased sharply.

Some outstanding provinces with production indexes of the processing and manufacturing industry in the first quarter of 2024 increased compared to the same period last year are Quang Ninh, Phu Tho, Bac Giang.

Provinces with high production index of the electricity production and distribution industry are Khanh Hoa, Tra Vinh

"In the service sector, commercial activities are vibrant, tourism has recovered strongly thanks to the effectiveness of favorable visa policies, tourism stimulus programs and the increase in export turnover of key products," the leader of the General Statistics Office informed.

Regarding the economic structure in the first quarter of 2024, the agriculture, forestry and fisheries sector accounts for 11.77%; The industrial and construction sector accounts for 35.73%; service sector accounts for 43.48%; Product tax minus product subsidies accounts for 9.02%.

Regarding GDP usage in the first quarter of 2024, final consumption increased by 4.93% over the same period last year, contributing 56.77% to the overall growth rate; Asset accumulation increased 4.69%, contribution 24.07%; Export of goods and services increased by 18%; Imports of goods and services increased by 17.08%, the difference between exports and imports of goods and services contributed 19.16%.

Vneconomy/ Translator: Ngoc Mai
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