Recently, the General Statistics Office has announced the report on socio-economic situation in the third quarter and the first nine months of 2022. Accordingly, the gross domestic product (GDP) in the third quarter of 2022 is estimated to increase by 13.67% compared to the same period in 2021.
Specifically, the report of the General Statistics Office said that the gross domestic product (GDP) in the third quarter of 2022 was estimated to increase quite high at 13.67% compared to the same period last year. The agriculture, forestry, and fishery sector increased by 3.24%; the industry and construction sectors increased by 12.91%; the service sector increased by 18.86%.
The report explains the reason GDP in the third quarter of 2022 increased is because the third quarter of 2021 was the time when the Covid-19 epidemic broke out in Vietnam, seriously affecting production and business activities.
Regarding the use of GDP in the third quarter of 2022, final consumption increased by 10.08% over the same period last year, contributing 38.21% to the overall growth rate of the economy. Meanwhile, accumulated assets increased by 8.7%, contributing 21.13%; exports of goods and services increased by 9.32%; imports of goods and services increased by 2.72%; the difference between import and export of goods and services contributed 40.66%.
Overall, GDP in the first nine months of 2022 increased by 8.83% over the same period last year. This is the highest increase of 9 months in the period 2011-2022, production and business activities gradually regained growth momentum, and the Government’s policy of socio-economic recovery and development has been brought into full play.
In the general increase of the whole economy, the agriculture, forestry and fishery sector increased by 2.99%, contributing 4.04%; the industry and construction sector increased by 9.44%, contributing 41.79%; the service sector increased by 10.57%, contributing 54.17%.
Source: GSO
In the area of agriculture, forestry and fishery, the livestock industry develops stably, timber exploitation is promoted; aquaculture production has increased quite to meet the demand for domestic consumption and export.
The agricultural sector in the first nine months of 2022 increased by 2.43% over the same period last year, contributing 0.22 percentage points to the increase in the total added value of the whole economy; the forestry sector increased by 5.2% but accounted for a low proportion, so it only contributed 0.03 percentage points; the fisheries sector increased by 4.43%, contributing 0.12 percentage points.
The processing and manufacturing industry is the growth engine of the whole economy with an increase of 10.69%, only lower than the growth rate of the same period in 2011, 2017, and 2018, contributing 2. 74 percentage points. The construction industry increased by 8.55%, contributing 0.59 percentage points.
The service sector grew strongly with the growth rate of 9 months in 2022 reaching 10.57%, the highest of 9 months in 2011-2022. The number of market service industries increased sharply, contributing much to the growth rate of the total added value of the whole economy as follows:
The wholesale and retail industry increased by 10.24% over the same period last year, contributing 1 percentage point; the transportation and warehousing industry increased by 14.2%, contributing 0.83 percentage points; the accommodation and food service sector had the highest increase in the service sector with an increase of 41.7%, contributing 0.81 percentage points; financial, banking and insurance activities increased by 9.05%, contributing 0.52 percentage points; the information and communication sector increased by 7.65%, contributing 0.5 percentage points. Particularly, the health sector and social assistance activities decreased by 2.67%, a decrease of 0.04 percentage points because the Covid-19 epidemic was under control.
Regarding the structure of the economy in the first nine months of 2022, the agriculture, forestry, and fishery sector account for 11.27%; industry and construction accounted for 38.69%; service sector accounted for 41.31%; product tax minus product subsidies accounted for 8.73%.
Regarding GDP used in the first nine months of 2022, final consumption increased by 7.26% over the same period in 2021, contributing 44.46% to the overall growth rate of the economy; accumulated assets increased by 5.59%, contributing 18.46%; exports of goods and services increased by 8.94%; imports of goods and services increased by 4.74%; the difference between import and export of goods and services contributed 37.08%.
Source: CafeF
