The report explains the reason GDP in the third quarter of 2022 increased is because the third quarter of 2021 was the time when the Covid-19 epidemic broke out in Vietnam, seriously affecting production and business activities.
Regarding the use of GDP in the third quarter of 2022, final consumption increased by 10.08% over the same period last year, contributing 38.21% to the overall growth rate of the economy. Meanwhile, accumulated assets increased by 8.7%, contributing 21.13%; exports of goods and services increased by 9.32%; imports of goods and services increased by 2.72%; the difference between import and export of goods and services contributed 40.66%.
Overall, GDP in the first nine months of 2022 increased by 8.83% over the same period last year. This is the highest increase of 9 months in the period 2011-2022, production and business activities gradually regained growth momentum, and the Government’s policy of socio-economic recovery and development has been brought into full play.
In the general increase of the whole economy, the agriculture, forestry and fishery sector increased by 2.99%, contributing 4.04%; the industry and construction sector increased by 9.44%, contributing 41.79%; the service sector increased by 10.57%, contributing 54.17%.
Source: GSO
In the area of agriculture, forestry and fishery, the livestock industry develops stably, timber exploitation is promoted; aquaculture production has increased quite to meet the demand for domestic consumption and export.
The agricultural sector in the first nine months of 2022 increased by 2.43% over the same period last year, contributing 0.22 percentage points to the increase in the total added value of the whole economy; the forestry sector increased by 5.2% but accounted for a low proportion, so it only contributed 0.03 percentage points; the fisheries sector increased by 4.43%, contributing 0.12 percentage points.
The processing and manufacturing industry is the growth engine of the whole economy with an increase of 10.69%, only lower than the growth rate of the same period in 2011, 2017, and 2018, contributing 2. 74 percentage points. The construction industry increased by 8.55%, contributing 0.59 percentage points.
The service sector grew strongly with the growth rate of 9 months in 2022 reaching 10.57%, the highest of 9 months in 2011-2022. The number of market service industries increased sharply, contributing much to the growth rate of the total added value of the whole economy as follows:
The wholesale and retail industry increased by 10.24% over the same period last year, contributing 1 percentage point; the transportation and warehousing industry increased by 14.2%, contributing 0.83 percentage points; the accommodation and food service sector had the highest increase in the service sector with an increase of 41.7%, contributing 0.81 percentage points; financial, banking and insurance activities increased by 9.05%, contributing 0.52 percentage points; the information and communication sector increased by 7.65%, contributing 0.5 percentage points. Particularly, the health sector and social assistance activities decreased by 2.67%, a decrease of 0.04 percentage points because the Covid-19 epidemic was under control.
Regarding the structure of the economy in the first nine months of 2022, the agriculture, forestry, and fishery sector account for 11.27%; industry and construction accounted for 38.69%; service sector accounted for 41.31%; product tax minus product subsidies accounted for 8.73%.
Regarding GDP used in the first nine months of 2022, final consumption increased by 7.26% over the same period in 2021, contributing 44.46% to the overall growth rate of the economy; accumulated assets increased by 5.59%, contributing 18.46%; exports of goods and services increased by 8.94%; imports of goods and services increased by 4.74%; the difference between import and export of goods and services contributed 37.08%.
Source: CafeF
Source: Vietnam Insider