Vietnam: GDP growth improves in Q1
March 28, 2013
According to data released by the General Statistics Office of Vietnam (GSO), GDP expanded 4.9% in the first quarter, which marks an improvement compared to the 4.8% expansion recorded in the same period last year.
At the sector level, the acceleration was mainly the result of higher growth in services, which accelerated from a 5.0% expansion in Q1 2012 to a 5.7% increase in Q1 this year. Meanwhile, both industry (Q1 2013: +4.9% year-on-year; Q1 2012: +5.2 yoy) and agriculture (Q1 2013: +2.2% year-on-year; Q1 2012: +2.8 yoy) fared worse than in the same period last year.
The government targets growth at 5.5% for this year. FocusEconomics Consensus Forecast participants see the economy growing 5.4%, which is down 0.1 percentage points from last month's forecast. For 2014, panellists project the economy will expand 5.9%.