Announcing socio-economic statistics for the first 9 months of 2017

Overview of the Press Conference. Photo: Mai Phuong (MPI)

According to a report from the General Statistics Office, gross domestic product (GDP) in the first 9 months of 2017 is estimated to increase by 6.41% over the same period in 2016, of which the first quarter increased by 5.15%, the second quarter increased by 6.28% and the third quarter is estimated to increase by 7.46%. The growth rate of the first 9 months of 2017 was higher than the 5.99% increase of the same period in 2016. In the 6.41% increase of the whole economy in the first 9 months of 2017, the agriculture, forestry and fishery sector increased by 2.78%, contributing 0.43 percentage points to the overall increase; The industrial and construction sector increased by 7.17%, contributing 2.45 percentage points; The service sector increased by 7.25%, contributing 2.80 percentage points.

In the agriculture, forestry and fisheries sector, the fisheries sector achieved the highest increase of 5.42% over the same period in 2016, contributing 0.17 percentage points to the overall increase; The forestry industry increased by 5.00%, contributing 0.03 percentage points; Although the agricultural sector increased higher than the increase of 0.02% in the same period in 2016, it showed signs of slowing down compared to the first 6 months of 2017 when the growth rate was only 1.96%, contributing 0.23 percentage points to the overall increase.

In the industrial and construction sector, the industry increased by 6.95%, lower than the increase of 9.86% and 7.40% in the same period in 2015 and 2016, mainly because the mining industry in the first 9 months of 2017 decreased by 8.08%, reducing the overall growth rate by 0.57 percentage points. The bright spot of this area is the processing and manufacturing industry with an increase of 12.77% (higher than the same period in 2016), contributing 2.15 percentage points to the overall increase. The construction industry maintained a good growth rate of 8.30%, contributing 0.47 percentage points to the overall increase.

In the service sector, the increase in a number of industries has a large proportion: Wholesale and retail increased by 8.16% over the same period in 2016, the industry with the highest contribution to the overall growth rate (0.75 percentage points); Accommodation and food services increased by 9.00%, contributing 0.35 percentage points; Finance, banking and insurance activities increased by 7.89% (the highest increase in the last 7 years), contributing 0.40 percentage points; Real estate business activities increased by 3.99% (the highest increase since 2012), contributing 0.22 percentage points.

In terms of economic structure in the first 9 months of 2017, the agriculture, forestry and fisheries sector accounted for 14.66%; The industrial and construction sector accounts for 32.50%; The service sector accounts for 42.67%; Product tax minus product subsidies accounted for 10.17% (the corresponding structure for the same period in 2016 was: 15.52%; 32.52%; 41.77%; 10.19%).

From the perspective of using GDP in the first 9 months of 2017, final consumption increased by 7.30% over the same period in 2016, contributing 8.76 percentage points to the overall growth rate (in which final consumption of households contributed the largest with 8.02 percentage points); Asset accumulation increased by 9.80%, contributing 4.78 percentage points; The gap between import and export of goods and services in the trade deficit reduced the overall growth rate by 7.13 percentage points.

At the Press Conference, Mr. Nguyen Bich Lam, General Director of the General Statistics Office, said that the socio-economic situation in the first 9 months of 2017 continued to change positively. The macroeconomy is stable, inflation is controlled, and the growth rate improves clearly each quarter. The service, processing and manufacturing industries grew quite well. The investment and business environment continues to improve... However, the Vietnamese economy still faces difficulties and challenges such as: the mining industry continues to decline, agricultural production shows signs of slowing down. The progress of State budget collection and disbursement of public investment capital is still slow...

According to Mr. Nguyen Bich Lam, in order to successfully complete the socio-economic development goals in 2017, including the annual GDP growth target of 6.7%, the tasks in the last months of the year are still very large, requiring sectors, levels, localities and the business community to continue to effectively implement Resolution No. 01/NQ-CP of the Government on the main tasks and solutions just Directing the implementation of the socio-economic development plan and state budget estimate for 2017; Directive No. 24/CT-TTg of the Prime Minister on main tasks and solutions to promote growth in industries and fields to achieve economic growth goals in 2017 along with solutions proposed in the Resolutions.Decision of the Government and direction of the Prime Minister to implement the growth scenario for the whole year 2017.

At the same time, continue to proactively and flexibly manage financial and monetary policies to contribute to stabilizing the monetary market, support growth and control inflation, implement measures to reduce lending interest rates, and strive for credit growth in 2017 to reach 21%. Concentrate credit capital on priority areas such as agriculture, rural areas, exports, supporting industries, and high-tech application areas; Create favorable conditions for small and medium-sized enterprises, startups, and infrastructure investment enterprises to access loans to develop production and business...

Continue to focus on accelerating the progress of implementation and disbursement of public investment capital in the last months of 2017, contributing to promoting growth, focusing on large projects, important projects, national target programs, ensuring the implementation and disbursement of all public investment capital assigned in 2017. Strengthen inspection and examination to ensure the correct and effective use of public investment capital. efficiency, savings, anti-waste and corruption; Do not let capital construction debts arise.

Continue to promote domestic demand, increase the competitiveness of domestic goods against imported goods, and contribute to maintaining the growth of the processing and manufacturing industry. Promote trade promotion and increase exports through preparing sources of goods that ensure quality, design, food hygiene and safety requirements for export to markets that have signed free trade agreements. Strictly control imports, especially quota imports and temporary import and re-export of agricultural products. Carry out market forecasting well, proactively develop measures to respond to trade barriers and US policy changes applied to Vietnam's shrimp and pangasius export products. Maintainand increase exports of agricultural products to the Chinese market.

Continue to effectively implement the National Target Program for sustainable poverty reduction. Implement social security policies well; Provide timely support and ensure that people in areas affected by natural disasters, storms, and floods can stabilize their lives and restore production.../.