Vietnam’s Q3 GDP growth up 13.67% YoY on rebound in manufacturing

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HANOI, Sept 29 (Reuters) – Vietnam’s gross domestic product rose 13.67% in the third quarter from a year earlier, the fastest pace in decades, boosted by robust manufacturing and exports, as well as a weak base effect, according to government data released Thursday. .

The industry and construction sector in the July-September period grew by 12.91 percent from a year earlier, the General Statistics Office (GSO) said in a report. Meanwhile, the service sector grew by 18.86%, while the agricultural sector grew by 3.24%.

Vietnam, a regional manufacturing hub, has seen its economy rebound from the pandemic. The country’s GDP contracted by more than 6% in the third quarter of last year.

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Exports in the first nine months of this year rose 17.3% from a year earlier to $282.52 billion, while industrial production rose 9.6%, according to the GSO .

“Commercial activities in the third quarter saw strong growth, especially compared to the same period last year when several regions of the country were under strict lockdown due to the pandemic,” the GSO said in the report.

Vietnam, however, faces upward pressure on inflation, prompting its central bank to raise policy rates last week.

Consumer prices in September rose 4.01% from the end of last year, the GSO said.

The Southeast Asian country has set an official target for GDP growth of 6.0% to 6.5% and inflation control at 4% for this year.

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Reporting by Khanh Vu Editing by Ed Davies

Our standards: The Thomson Reuters Trust Principles.

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