Monday, September 28, 2009

Vietnam economy expands 4.59 percent in 9 months

Vietnam gross domestic product grew 4.59 percent in the first nine months of the year, up from 3.9 percent in the first half, the Ministry of Planning and Investment said Monday.

The growth was led by the service sector, which expanded 5.91 percent over the period. The industry-construction sector posted a growth of 4.48 percent and the agriculture sector 1.57 percent.

In the third quarter alone, growth accelerated to 5.76 percent, compared to the second quarterĂ¢€™s 4.46 percent and 3.1 percent in the first-quarter. The first quarter growth was the slowest on record over the last decade. The ministry said the acceleration means the economy was improving although the growth rates are lower than last year.

The government is targeting a 5.2 percent expansion for the year, followed by 6.5 percent in 2010.

The Asian Development Bank on September 22 revised upwards its 2009 GDP growth forecast for Vietnam to 4.7 percent from the 4.5 percent it projected in March.

Source: VNA

Post a Comment