Vietnam: Economy picks up in Q1
April 1, 2014
In the three months up to March, GDP expanded 5.0% over the same period last year, according to data released by the General Statistics Office of Vietnam (GSO). The figure marked a slight improvement over the 4.9% rise recorded in the same period of 2013.
At the sector level, an improvement was seen in the agriculture sector, which expanded 2.4% over last year (Q1 2013: 2.2% year-on-year). In addition, services expanded 6.0% in Q1 2014 (Q1 2013: 5.7% yoy). Conversely, industry rose 4.7% (Q1 2013: 4.9% yoy).
The government targets growth of 5.8% for 2014. FocusEconomics Consensus Forecast participants see the economy growing 5.4% in 2014, which is down 0.1 percentage points from last month's forecast. For 2015, panelists project the economy will expand 5.9%.
Author: Dirina Mançellari, Senior Economist