Economy expands nearly 5% in first half

VGP – A large number of economic sectors have obtained positive developments in the first half of this year, contributing to making the national economy expand 4.9% in the period, according to the Ministry of Planning and Investment (MoPI).

June 25, 2013 5:45 PM GMT+7

The above figure nears the 4.93% rate recorded in the same period last year.

Drastic measures taken by the Government and efforts made by agencies all levels, sectors and people were attributed to improvements in growth rates recorded by many sectors and the higher GDP growth rate of 4.9% in Q2 (from 4.76% in Q1), said Bui Ha, Head of the Department of National Economic Issues under the MoPI.

Nevertheless, the agro-forestry and fishery sector gained a growth rate of 2.07%, lower than the 2.88% level made in the same period last year; while industry and construction expanded 5.18% (lower than 5.59% in the same period last year); and service 5.92% (lower than 5.29% in the same period last year).

The GDP growth rate in April-June failed to meet expectations but stood at a reasonable level especially when the domestic and global economies faced various challenges and the goal of inflation curbing was prioritized.

The MoPI forecast that some targets on economic growth rate and budget overspending would be challenged.

If the Government’s Resolutions No. 1 and 2 are implemented drastically and efficiently, this year’s goal of a 5.5% GDP will be within reach.

According to the MoPI, inflation is no longer the biggest threat for Viet Nam this year. However, the factors which would affect the domestic market like electricity, petrol, and fertilizers should be taken into consideration./.

By Kim Loan