Vietnam GDP Q1 2016


Vietnam: GDP loses steam in the first quarter of the year

March 28, 2016

In Q1 2016, GDP expanded 5.5% over the same period of the previous year, according to data released by the General Statistics Office (GSO) of Vietnam. This marked a clear deceleration over Q4’s 7.0% growth.

At the sector level, agricultural production contracted 1.2% in the January-to-March period, contrasting with the 2.4% expansion tallied in Q4 2015. Vietnam’s agricultural sector has been affected by a prolonged drought. Growth in the manufacturing sector eased to 6.7% in Q1 (Q4 2015: +9.6% year-on-year). The reading came on the back of a contraction in mining and quarrying and a notable deceleration in industrial production as oil production has been deeply affected by depressed oil prices. The service sector grew 6.1% in Q1, down from the 6.3% expansion tallied in the previous quarter.

The Vietnamese government set a target of 6.7% GDP growth in 2016. Panelists participating in the FocusEconomic Consensus Forecast expect GDP to expand 6.5%, which is down 0.2 percentage points from last month’s forecast. For 2017, the panel foresees GDP to grow 6.6%.

Author: Jean-Philippe Pourcelot, Economist

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Vietnam GDP Chart

Vietnam GDP Q4 2015 0

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

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