Data from the General Statistics Office (GSO) showed that the nation’s GDP declined by 6.17% annually in the third quarter, the sharpest drop since Vietnam began announcing its quarterly GDP figures in 2000. Of which, industry and construction contracted by 5.02%, services down 9.28%, and agro-forestry-fishery down 1.04%.
About the use of GDP in the third quarter, consumption was down 2.83% year-on-year, asset accumulation up 1.61%, exports of goods and services up 2.51%, and imports of goods and services moved up 10.75%.
The nine-month GDP growth was thanks to the agro-forestry-fishery sector with an expansion rate of 2.74%, contributing 23.52% to the overall growth; industry and construction with a growth rate of 3.57%, contributing 98.53%. Meanwhile, services were down 0.69%, pulling national growth down by 22.05%.
Agro-forestry-fisheries continued to play its role as a mainstay of the economy amid the pandemic. Specifically, agriculture grew by 3.32%, contributing 0.31 percentage point to the added value of the economy. Forestry and fisheries each added 0.02 percentage point thanks to their respective expansion rates of 3.3% and 0.66%.
Meanwhile, industry and construction, manufacturing and processing are growth driving forces of the economy with an expansion of 6.05%, contributing 1.53 percentage points to the added value of the entire economy.
The prolonged pandemic badly affected trade and service activities as wholesale and retail fell by 3.1% year on year, causing a reduction of 0.3 percentage point to the total added value of the national economy.
