GDP in Vietnam
Vietnam - GDP
Growth slows slightly in Q4 but remains rapid
The economy grew 7.0% in the fourth quarter of 2019, down from Q3’s revised 7.5% expansion (previously reported: +7.3% year-on-year). As a result, the economy grew 7.0% in 2019 as a whole, likely the highest reading in ASEAN.
The fourth quarter’s reading was driven by strong growth in manufacturing and services (+10.9% and +8.1% respectively), with the services sector likely benefiting from a surge in visitor arrivals and low unemployment. However, the agricultural sector appeared to remain hampered by the impact of African swine fever on pork production, expanding a mere 1.6% year-on-year.
Looking ahead, growth should remain well above the ASEAN average, supported by buoyant domestic demand, FDI, manufacturing and a blossoming tourism sector. However, the country’s open economy remains vulnerable to a synchronized global slowdown and possible U.S. tariffs.
The government is targeting 6.8% growth in 2020; our panelists, however, are slightly less optimistic and expect GDP to expand 6.6% in 2020, which is up 0.1 percentage points from last month’s forecast. The panel sees growth at 6.5% in 2021.
Vietnam - GDP Data
|Economic Growth (GDP, annual variation in %)||6.0||6.7||6.2||6.8||7.1|
5 years of economic forecasts for more than 30 economic indicators.
Vietnam GDP Chart
Source: General Statistics Office of Vietnam and FocusEconomics calculations.
|Bond Yield||3.38||-0.13 %||Dec 31|
|Exchange Rate||23,173||0.01 %||Jan 01|
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February 3, 2020
According to data released by IHS Markit, the manufacturing Purchasing Managers’ Index (PMI) registered 50.6 in January, down from 50.8 in December.
January 29, 2020
According to the General Statistics Office of Vietnam, consumer prices rose 1.23% in January over the prior month, down from December’s 1.40% increase.
January 29, 2020
Industrial production contracted 5.5% in January year-on-year, contrasting December’s 6.2% expansion.
January 2, 2020
According to data released by IHS Markit, the manufacturing Purchasing Managers’ Index (PMI) registered 50.8 in December, marginally below November’s 51.0 reading.
December 29, 2019
The economy grew 7.0% in the fourth quarter of 2019, down from Q3’s revised 7.5% expansion (previously reported: +7.3% year-on-year).