Vietnam: Economy expands at a faster rate in 2013
January 2, 2014
In 2013, GDP expanded 5.4% over 2012, according to data released by the General Statistics Office of Vietnam (GSO). The figure marked an improvement over the 5.0% rise recorded in the previous year.
At the sector level, the improvement was broad-based. Services expanded 2.7% in 2013 over the previous year, which matched the rise recorded in 2012. In addition, industry improved from the 4.5% expansion recorded in 2012 to a 5.4% rise in 2013. Agriculture accelerated to a 6.6% increase in 2013 (2012: +6.4% year-on-year).
In Q4 2013, GDP expanded 6.04% over the same period of the previous year, which was up from the 5.54% increase recorded in the third quarter.
The government targets growth of between 6.5% to 7.0% for both 2014 and 2015. 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