Vietnam GDP Q2 2016


GDP growth inches up in Q2

In Q2 2016, GDP expanded 5.6% over the same period of the previous year, according to data released by the General Statistics Office (GSO) of Vietnam. The reading came in above the 5.5% expansion tallied in Q1. The slightly stronger second quarter reading was supported by an acceleration in the industrial and services sectors as well as a less pronounced decline in the agricultural sector.

At the sector level, agricultural production contracted 0.2% in the April-to-June period, which marked an improvement from the 1.2% contraction tallied in the first quarter of this year. Vietnam’s agricultural sector has been hard-hit by a prolonged drought and salinization of the Mekong river delta, the country’s most important agricultural region. Growth in industry picked up from a 6.7% expansion in Q1 to a solid 7.1% increase in Q2. The reading was supported by double-digit growth in manufacturing and water supply which more than offset a contraction in mining and quarrying. The service sector edged up from a 6.1% rise in first quarter to 6.3%.

The Vietnamese government set a target of 6.7% GDP growth in 2016 and 6.8% in 2017. Panelists participating in the FocusEconomic Consensus Forecast expect GDP to expand 6.4%, which is unchanged from last month’s forecast. For 2017, the panel foresees GDP to grow 6.6%.

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Vietnam GDP Chart

Vietnam GDP Q2 2016 0

Note: Year-on-year changes of GDP in %
Source: General Statistics Office of Vietnam (GSO) and FocusEconomics Consensus Forecast.

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