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Vietnam’s GDP reaches its highest level in 10 years

Vietnam GDP

Nam Hải port in the northeastern city Hải Phong. – VNA/VNS Photo An Đăng


Vietnam’s economy (GDP) expanded by 7.72% in the second quarter of this year, the highest rate in the same quarters of the last 10 years, the General Statistics Office (OGE) reported on Wednesday in a conference of press.

The figures for the same quarters of the last three years of 2019, 2020 and 2021 were 7.1%, 0.52% and 6.73%, respectively.

In the second quarter of this year, the agriculture-forestry-fishing sector increased by 3.02%, contributing 4.56% to the overall growth of the economy.

The industry and construction sector rose 8.87%, contributing 46.85%, while the services sector rose 8.56%, contributing 48.59% to overall GDP growth, Hương said. .

Regarding the use of GDP, final consumption expenditure increased by 7.32% compared to the same period of the previous year; accumulated assets rose 4.57%; exports of goods and services increased by 12.33%; and imports of goods and services rose by 4.88%.

In the period from January to June, the country’s GDP grew by 6.42%, above the growth rates of 2.04% and 5.74% in the same periods of 2020 and 2021, respectively.

Vietnam strives to boost energy transition

According to GSO Director General Nguyễn Thị Hương, the country’s socio-economic development in the first six months of 2022 has prospered in most industries and fields, especially in the processing and manufacturing industry; in retail sales of consumer goods and services; and in exports.

The figures for the same quarters of the last three years of 2019, 2020 and 2021 were 7.1%, 0.52% and 6.73%, respectively

Regarding the economic structure in the first two quarters, the agricultural-forestry-fishing sector represented 11.05% of the country’s economy; the industry-construction and service sectors accounted for 39.3% and 40.63%, respectively, the OSG said.

GSO Director General Nguyễn Thị Hương speaks at a conference held by the General Statistical Office (GSO) on Wednesday. – Photo VNS Linh Anh

The IPC rises 2.96% in the second quarter

The Consumer Price Index (CPI) in the second quarter of 2022 registered an interannual increase of 2.96%.

The bureau said the CPI in June rose 0.69% month-on-month, 3.18% from December 2021 and 3.37% from the same period last year.

GSO Director General Nguyễn Thị Hương attributed the rise in the CPI in the second quarter to continued increases in domestic gasoline prices in line with global fuel prices, as well as rising prices for goods and services. essential consumer services in line with the price of inputs and transport costs.

On average, in the first six months, the CPI increased by 2.44% compared to the same period of the previous year; core inflation rose 1.25%.

The global commodity market continued to fluctuate in the first half of 2022 and was influenced by economic and political factors, Hương said.

The Consumer Price Index (CPI) in the second quarter of 2022 registered an interannual increase of 2.96%

“The world economy recovered, the demand for raw materials for production increased while the supply was interrupted, causing the prices of raw materials in the international market to skyrocket,” he said.

“Tensions between Russia and Ukraine have pushed up commodity and fuel prices, and the world is at risk of a global food crisis,” he said.

In the second quarter of 2022, domestic gasoline prices increased 54.92% from the same period a year earlier, causing the headline CPI to rise by 1.98 percentage points. Domestic gas prices increased by 30.99% compared to the same period of the previous year, which caused an increase in the CPI of 0.45 percentage points.

The price of home maintenance materials in the second quarter rose by 7.81% compared to the same period of the previous year, since the prices of cement, iron, steel and sand increased based on the price of inputs, which caused an increase in the general CPI of 0.16 percentage points.

The domestic price of rice also increased in line with the export prices of rice. In the second quarter, it increased 1.07% from the same period a year earlier, causing the headline CPI to rise 0.03 percentage point.

In addition to the reasons for the CPI increase, there are some reasons for the CPI decline in the second quarter of 2022, including average pork prices that were down 18.6% compared to last year due to control of African swine fever and the guaranteed supply of pork, reducing the CPI by 0.63 percentage points.

Fees for educational services in the second quarter fell by 2.86% as several provinces and central cities waived and reduced tuition fees from the first semester of the 2021-2022 school year due to the impact of the COVID-19 pandemic. , which caused the CPI to decrease by 0.16 percentage points.

Housing rent in the second quarter of this year was reduced by 12.33% compared to last year because, due to the COVID-19 pandemic, many landlords reduced rent to support tenants.

Article republished from the Vietnamese state media VNA as part of an agreement between both parties to share content. Link to original article: https://vietnamnews.vn/Economy/1254524/viet-nam-s-gdp-hits-10-year-high-of-7-72-in-q2.html





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