Vietnam's GDP in the second quarter of 2 did not grow negatively as forecast

On the morning of June 29, the General Department of Statistics (Ministry of Planning and Investment) held a press conference to announce socio-economic statistics for the second quarter and the first six months of 6.

Particularly in the second quarter, GDP growth rate is estimated at 0,36%, the lowest increase in the last 10 years. However, this level is higher than the previous forecast of VEPR for negative growth in the second quarter.

Due to the effects of the Covid-19 epidemic, the gross domestic product in the first 6 months of 2020 is estimated to increase by 1,84%. This is the lowest increase in the period 2011–2020.

Statistics on GDP growth rate in Quarter II

Regarding the structure of the economy in the first 6 months, the agriculture, forestry and fishery accounted for 14,16%; industry and construction accounted for 33,44%; service sector accounts for 42,04%; Product taxes minus product subsidies account for 10,36%.

Agricultural production in the first 6 months of the year encountered many difficulties due to drought, salinity intrusion early, African swine cholera was controlled but the re-herd was slow. Seafood production continues to face difficulties due to sharp decrease in exports and lower prices and raw shrimp.

Specifically, the agriculture, forestry and fishery increased by 1,19%, contributing 11,89% to the overall growth; industry and construction increased by 2,98%, contributed 73,14%; service sector increased by 0,57%, contributing 14,97%.

Industrial growth in the first 6 months was 2,71%, of which processing and manufacturing increased by 4,96%, lower than the same period last 10 years; electricity production and distribution increased by 3,04; water supply and waste treatment.

Regarding the use of GDP in the first 6 months of 2020, final consumption will increase by 0,69% over the same period in 2019; accumulated assets increased by 1,93%; total import and export turnover of goods reached US $ 238,4 billion, down 2,1%.

According to the General Statistics Office, major economies such as the United States, Japan and the European Community are also facing the deepest and deepest economic recession in decades, global trade in Continuously declining, supply chain interrupted.

At the same time, the US-China trade war continued, the growing political tensions between the US and Iran, internal disagreements in the organization of oil exporting countries and on the Korean peninsula have also affected. extreme economic impacts of Vietnam.

The Government and the Prime Minister have prioritized prevention and suppression of the epidemic, sacrificing economic benefits to ensure the lives and health of the people. This is the foundation for the economy to maintain its growth, not to fall into negative growth.

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