Tuesday , December 12 2023

Vietnam finishes 2021 with 2.58 pct GDP growth

GDP growth in 2021 has fallen short of forecasts to 2.58 percent, dragged down by the hit it took in the third quarter from the Delta variant of Covid-19.

Fourth quarter growth was 5.22 percent, up from the same period last year but unable make up for the 6 percent contraction in the third quarter, according to data released Wednesday by the General Statistics Office (GSO).

The forecast for full-year growth had been 3.8 percent by the Asian Development Bank and 3-3.5 percent by the Ministry of Planning and Investment.

The fourth wave of Covid had severely impacted many sectors, especially in the third quarter when many localities imposed long periods of restrictions, the GSO said.

Industry and construction accounted for 63.8 percent of GDP, services for 22.2 percent and agriculture, forestry and fishery for 14 percent.

Foreign trade was worth a record $668 billion after rising by 22.6 percent from last year.

The services sector was one of the major victims of the pandemic, with logistics shrinking by over 5 percent and accommodation by nearly 20.81 percent.

The consumer Price Index rose by 1.84 percent for the year, the lowest rate since 2016.

The National Assembly has set a growth target of 6-6.5 percent next year.

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