Vietnam's GDP growth in 2018 hits 10-year high at 7.08%

Thứ Năm 22:24 27/12/2018
Manufacturing remains the driving force of the economy with an increase of 12.98% from 2017, contributing 2.55 percentage points to the overall growth.

Data: GSO. Graphic: Nguyen Tung.

Vietnam's nominal GDP in 2018 stood at VND5,535.3 trillion (US$237.64 billion), expanding 7.08% from 2017, marking a 10-year high growth rate and leading to GDP per capita of US$2,587, up US$198 compared to 2017, according to the General Statistics Office (GSO).

Specifically, GDP of the fourth quarter increased by 7.31% year-on-year, lower than the growth rate of of the fourth quarter in 2017 but higher than those in the 2011 – 2016 period, stated the GSO.

In 2018, the sector of agriculture, forestry and fishery has increased by 3.76%, contributing 8.7% to the overall growth; the sector of industry and construction rose by 8.85%, contributing 48.6%; the service sector climbed by 7.03%, contributing 42.7%.

The sector of agriculture, forestry and fishery recorded the highest growth rate in the 2012 - 2018 period, in which, the agriculture showed significant improvements by growing 2.89% - the highest rate in the 2012 – 2018 period, and contributed 0.36 percentage points. The fishery sector posted a growth rate of 6.46%, contributing 0.22 percentage points, while forestry increased by 6.01%, contributing 0.05 percentage points.

In the industry and construction sector, the industry increased by 8.79%, contributing 2.85 percentage points to the overall growth. The highlight of this sector and driving force of the economy is the manufacturing with the increase rate of 12.98%, contributed 2.55 percentage points. Construction maintained the fairly good growth with the rate of 9.16%, contributed 0.65 percentage points to the general growth.

In the service sector, the growth rates of some industries with large proportion are as follows: The wholesale and retail trade increased by 8.51% year-on-year, it is the sector that contributed the most (0.92 percentage points) to the general growth. Accommodation and catering service grew by 6.78%, contributing 0.29 percentage points; the finance, banking and insurance climbed by 8.21%, contributing 0.53 percentage points; the real estate business moved up by 4.33%, adding 0.24 percentage points.

About the structure of the economy in 2018, the sector of agriculture, forestry and fishery took the proportion of 14.57%; the sector of industry and construction accounted for 34.29%; the service sector represented 41.17%; product taxes less subsidies on production accounted for 9.98%.

In terms of GDP use this year, the final consumption rose by 7.17% against 2017; accumulated assets grew by 8.22%; trade balance of goods and services increased by 14.27%.