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Vietnam's GDP to expand 5.1 percent in Q1

Xinhua, March 29, 2017 Adjust font size:

Vietnam's gross domestic product (GDP) is expected to expand 5.1 percent in the first quarter of 2017, said the General Statistics Office (GSO) on Wednesday.

The growth is lower than those of 6.12 percent and 5.48 percent in the same period of 2015 and 2016, respectively, said Nguyen Bich Lam, GSO chief told a press conference here on Wednesday.

Specifically, the agro-forestry-fishery sector is likely to post a year-on-year growth of 2.03 percent in Q1, contributing 0.24 percentage points to the GDP growth. It is the lowest growth since 2011, said Lam.

At the same time, from January to March, the industry and construction sector is forecast to post a yearly increase of 4.17 percent, contributing 1.46 percentage points to the GDP.

This is also the lowest since 2011, said the GSO head, blaming on the 10-percent decline in the mining sector.

On the other hand, the service sector is on the recovery trend in three-month period with a hike of 6.52 percent year-on-year, the highest since 2012, contributing 2.65 percentage points to the GDP of Vietnam in Q1.

Earlier, Vietnam's GDP growth is targeted to hit 6.7 percent in 2017.

"The country's economy is showing signs of slowing down. If no breakthroughs are made in the next quarters, the country will find it hard to realize the set target of GDP growth," said Lam. Endit