NSO Director Nguyen Thi Huong said this is a positive growth rate, reflecting the high determination, great efforts, and decisive and effective actions taken by the entire political system in directing, managing, and implementing socio-economic development tasks amidst rapid and unexpected changes in the region and the world.
This figure exceeded the target set for Q1 under the Government's Resolution No. 01/NQ-CP, but still fell short of expectations under Resolution No.25/NQ-CP, dated February 5, 2025, due to rapid global changes and uncertainties that have affected the country's socio-economic situation, she noted.
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Processing - manufacturing remains a growth driver of the whole economy as the activities rose 9.28% to contribute 2.33 percentage points to the overall growth. |
According to the NSO, the agro-forestry-fishery, industry-construction, and service sectors expanded by 3.74%, 7.42% and 7.7%, contributing 6.09%, 40.17%, and 53.74% to the total GDP expansion during January–March, respectively.
In particular, agriculture recorded its added value increasing 3.53% from a year earlier to contribute 0.32 percentage point to the GDP growth, forestry 6.67% and 0.03 percentage point, and fisheries 3.98% and 0.09 percentage point.
In the industry - construction sector, the added value of industry went up 7.32% compared to the same period last year to contribute 2.39 percentage point to the economic growth in Q1. Processing - manufacturing remained a growth driver of the whole economy as the activities rose 9.28% to contribute 2.33 percentage points to the overall growth. Meanwhile, a 7.99% increase was seen in construction, contributing 0.48 percentage point to the overall growth.
During the three months, the service sector was fueled considerably by the high consumption demand during the Lunar New Year holiday and a surge in the number of international arrivals.
In particular, transportation and warehousing grew 9.9% year on year, contributing 0.67 percentage point to the GDP growth. Accommodation and food services expanded 9.31% to contribute 0.27 percentage point, wholesale and retail 7.47% and 0.83 percentage point, while finance - banking - insurance 6.83% and 0.41 percentage point.
Regarding the economic structure in the reviewed period, the agro-forestry-fishery sector made up 11.56%, industry - construction 36.31%, services 43.44%, and product taxes minus product subsidies 8.69%, according to the NSO.
Source: VNA