Vietnam's GDP expanded 5.32% in Q1 2016. (Photo: Internet)
Vietnam’s gross domestic product (GDP) grew 5.46% in the first quarter this year, higher than the growth rate of the same period in 2012, 2013 and 2014, the General Statistics Office (GSO) said at a press meeting on Friday.
The rate in Q1 2016, however, is lower than a 6.12% increase a year earlier and a 7.01% expansion in the last quarter of 2015, suggesting that the local economic growth slowing down, said the government-run office.
GSO data shows that the industrial and construction sector grew 6.32% in Q1 2016, compared to an 8.74% rise a year earlier. The service sector posted a 6.13% increased, the highest rate for the same period since 2012.
The agricultural, forestry and seafood, meanwhile, declined 1.23%, partly because falls in output of paddy in the Mekong Delta region and cash crops in the north.
The economy “faces challenges including drops in international prices of crude oil. Any further price declines will negatively affect the state budget this year,” Nguyen Bich Lam, head of the General Statistics Office, was quoted by Bloomberg as saying.
(BizNEWS corrected the misstated “Vietnam’s gross domestic product (GDP) grew 5.32% in the first quarter this year” in the previous version to “Vietnam’s gross domestic product (GDP) grew 5.46% in the first quarter this year”)