GDP in the third quarter increased by 7.4%

At a press conference on the morning of October 6, the General Statistics Office said that GDP in the third quarter was estimated to increase by 7.4% over the same period last year. Thus, in the first three quarters of the year, GDP increased by 6.82% compared to the previous year, higher than the growth rate of 2020 and 2021 – the time affected by the Covid-19 epidemic – and 2023. However, this level is still lower than the first 9 months of 2022.

The industrial and construction – service sectors still account for the highest proportion, providing support for the economy.

Of these, services are the group that contributes the most to the added value of the economy, nearly 48.4%. According to the General Statistics Office, trade and tourism activities maintain growth, positively contributing to the growth of the entire economy. Thanks to that, the added value of this area exceeded 6.95% compared to the previous year.

Industry and construction also increased compared to the same period in 2023. The added value of the entire industry in 9 months increased by 8.34%, of which the processing and manufacturing industry was the driving force of growth with an increase of 9.0%. 76%.

The agriculture, forestry and fisheries sector was seriously affected by storm No. 3 (Yagi) in September, so growth slowed down compared to the same period in previous years. The value added in this area in 9 months increased by 3.2%, the lowest in 4 years. This level is only higher than the growth rate of the same period in 2020.

Regarding inflation, Average CPI in the third quarter increased by 3.48% compared to last year. Overall for 9 months, CPI increased by 3.88% over the same period last year, core inflation increased by 2.69%.

Exports of goods and services in 9 months increased by 15.68% over the same period. The preliminary trade balance of goods has a surplus of 20.8 billion USD, lower than the same period in 2023 (22.1 billion USD). Of which, the domestic economic sector had a trade deficit of 17.38 billion USD, and the foreign invested sector (including crude oil) had a trade surplus of 38.17 billion USD.

In the first 9 months, the whole country had more than 183,000 newly registered businesses and returned to operation, an increase of 9.7%. Thus, on average, each month there are more than 20,300 new businesses established and returned to operation.

Meanwhile, the number of businesses withdrawing from the market was 163,800, an increase of 21.5% over the same period last year. One month, 18,200 businesses withdrew from the market, lower than the number of businesses entering.

The results of the survey on business trends of the processing and manufacturing industry group in the third quarter also showed that the number of optimistic businesses decreased to 34.7%. The number of businesses assessing better business trends in the fourth quarter is expected to increase to 42.2%.