GDP expanded 13.67 percent in the third quarter of 2022

The Consumer Price Index (CPI) in the third quarter of 2022 posted a year-on-year rise of 3.32 percent.


Source: vtv.vn


Việt Nam's gross domestic product (GDP) expanded 13.67 percent in the third quarter of this year, helped by a rebound in manufacturing and a lower base than a year ago, the General Statistics Office (GSO) said Thursday.


Business activities in the third quarter saw strong growth, especially compared with the same period last year when several parts of the country were under strict lockdown due to the pandemic, said GSO Director General Nguyễn Thị Hương.


In Q3 this year, the agriculture-forestry-fishery sector increased by 3.24 percent, the industry, and construction sector was up 12.91 percent, while the service sector rose by 18.86 percent, Hương said.


Regarding GDP use, final consumption expenditure increased by 10.08 percent over the same period last year; accumulated assets rose by 8.7 percent; exports of goods and services surged 9.32 percent, and imports of goods and services were up 2.72 percent.


With upbeat signs reported in almost all aspects between January and September, the GDP was estimated to rise 8.83 percent for the period, the highest nine-month growth recorded in 2011-2022, said GSO Director General Nguyễn Thị Hương.


In nine months, the GSO also pointed out that the agro-forestry-fishery sector grew by 2.99 percent. The industry and construction, meanwhile, increased by 9.44 percent, and service rose by 10.57 percent.


As for GDP use, final consumption expenditure climbed 7.26 percent over the same period last year; accumulated assets rose by 5.59 percent; exports of goods and services up 8.94 percent, and imports of goods and services up 4.74 percent.


Hương said in the period, ministries, sectors, and localities have drastically implemented the Government's resolutions serving the nation's program for recovery and socio-economic growth.


As a result, the macro-economy was stabilized, inflation was put under control, major balances ensured, monetary and fiscal policies conducted flexibly and effectively, the business investment environment improved, and social security was guaranteed, she said.


CPI up 3.32 per cent in Q3


The Consumer Price Index (CPI) in the third quarter of 2022 posted a year-on-year rise of 3.32 percent.


The office said CPI in September increased by 0.4 percent month-on-month, up 4.01 percent against December 2021 and up 3.94 percent compared to the same period last year.


GSO General Director Nguyễn Thị Hương attributed the increase in CPI in September to the price of essential consumer goods and services increasing in line with the price of input materials and transportation costs, the continuous hikes in domestic petrol prices in tandem with world fuel prices, as well as rising tuition fees.


On average, in the first nine months, CPI increased by 2.73 percent over the same period last year; core inflation rose by 1.88 percent.


The COVID-19 pandemic has been controlled, meaning demand for eating out has increased. The average prices of restaurant services in nine months increased by 4.38 percent over the same period last year, causing the overall CPI to increase by 0.38 percentage points. Although domestic gas prices fluctuated according to world gas prices, gas prices in nine months rose by 18.75 percent over the same period last year.


The price of food items in the first nine months of 2022 increased by 0.5 percent over the same period last year, causing CPI to increase by 0.11 percentage points. In addition, the increase in domestic rice prices in line with the export prices of rice made the prices of rice in the first nine months increased by 1.14 percent year-on-year, increasing the overall CPI by 0.03 percentage points.


However, it wasn't all bad, and CPI across many sectors decreased in the third quarter of 2022, including education service fees which dropped by 1.88 percent. A number of provinces and centrally-run cities exempt and reduced tuition fees from the first semester of the 2021-2022 school year due to the impact of the COVID-19 pandemic, causing CPI to decrease by 0.1 percentage points.


The domestic gold price fluctuated in the same direction as the world gold prices. As of September 25, 2022, the average world gold price stood at $1,702.79 per ounce, down 4.74 percent compared to August 2022, when the US tightened its monetary policy.


Domestically, gold price in September 2022 decreased by 1.71 percent compared to the previous month, up by 1.34 percent compared to December 2021, up by 4.06 percent over the same period last year.


Source: VNS