Vietnam: GDP growth accelerates in the first nine months of the year
October 2, 2013
In the first nine months of the year, GDP expanded 5.1% over the same period last year, according to data released by the General Statistics Office of Vietnam (GSO). The increase was above the 4.7% expansion recorded in the same period last year.
At the sector level, services expanded 6.3% over the same period last year (Jan-Sep 2012: +6.0% year-on-year). In addition, industry rose from the 4.4% expansion in the January-September 2012 period, to a 5.2% rise in the nine months up to September 2013. On the other hand, agriculture slowed to a 2.4% expansion (Jan-Sep 2012: +2.5% yoy).
In Q3, GDP expanded 5.54% over the same period in the previous year, up from the 5.0% increase recorded in Q2.
The government targets growth at 5.5% for this year. For next year, the government announced a target of 6.0% growth. FocusEconomics Consensus Forecast participants see the economy growing 5.4% in 2013, which is down 0.1 percentage points from last month's forecast. For 2014, panelists project the economy will expand 5.9%, which is unchanged from last month's estimate.
Author: Dirina Mançellari, Senior Economist