Economic Growth
GDP Growth and Sector Performance
The domestic gross product (GDP) for Q1 2023 is estimated to increase by 3.32% compared to the same period last year, slightly higher than the 3.21% growth rate for Q1 2020 during the 2011-2023 period[1]. Within this, the agriculture, forestry, and fishery sector increased by 2.52%, contributing 8.85% to the overall growth rate; the industrial and construction sector decreased by 0.4%, reducing the growth by 4.76%; the service sector increased by 6.79%, contributing 95.91%.
In the agriculture, forestry, and fishery sector:
The added value of agriculture in Q1 2023 increased by 2.43% compared to the same period last year, contributing 0.22 percentage points to the overall increase in the economy’s added value; forestry increased by 3.66% but had a low share, contributing only 0.02 percentage points; fishery increased by 2.68%, contributing 0.06 percentage points. In the industrial and construction sector, the added value of the industry in Q1 2023 decreased by 0.82% compared to the same period last year, the deepest decrease for the same period in the 2011-2023 timeframe[2], reducing the overall growth of the economy’s added value by 0.28 percentage points. The processing and manufacturing industry decreased by 0.37%, reducing the growth by 0.1 percentage points. The mining industry decreased by 5.6% (coal production decreased by 0.5% and crude oil production decreased by 6%), reducing the growth by 0.2 percentage points. The construction industry alone increased by 1.95%, slightly higher than the growth rates of 0.28% and 1.41% for the same period in 2011 and 2012 within the 2011-2023 period, contributing 0.12 percentage points. The service sector in Q1 2023 showed a clear recovery[3] thanks to the effectiveness of domestic consumption stimulation policies, economic reopening policies since March 15, 2022, when the Covid-19 pandemic was controlled, and the promotion and marketing of Vietnamese tourism to countries around the world. Contributions from some service industries to the overall added value growth of Q1 this year are as follows: Accommodation and food services increased by 25.98% compared to the same period last year, contributing 0.64 percentage points; wholesale and retail trade increased by 8.09%, contributing 0.85 percentage points; financial, banking, and insurance activities increased by 7.65%, contributing 0.45 percentage points; transportation and warehousing increased by 6.85%, contributing 0.43 percentage points; information and communication increased by 1.5%, contributing 0.1 percentage points.
Regarding the economic structure of Q1 2023
The agriculture, forestry, and fishery sector accounted for 11.66% of the share; the industrial and construction sector accounted for 35.47%; the service sector accounted for 43.65%; product taxes minus product subsidies accounted for 9.22% (The corresponding structure of the same period in 2022 was 11.57%; 37.08%; 42.06%; 9.29%).
In Conclusion
Regarding the use of GDP in Q1 2023, final consumption increased by 3.01% compared to the same period last year, contributing 46.11% to the overall growth rate; asset accumulation increased by 0.02%, contributing 0.14%; exports of goods and services decreased by 8.33%; imports of goods and services decreased by 10.52%, with the difference between exports and imports of goods and services contributing 53.75%. The gross regional domestic product (GRDP) for Q1 2023 compared to the same period last year increased in 58 provinces and cities under central government jurisdiction and decreased in 5 provinces and cities nationwide.
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