GDP is estimated to grow by 7.09% in 2024.

(PLVN) - According to the announcement, the gross domestic product (GDP) in the fourth quarter of 2024 is estimated to increase by 7.55% compared to the same period last year. The GDP for the whole year maintained a trend of each quarter increasing higher than the previous one (Q1 increased by 5.98%, Q2 increased by 7.25%, Q3 increased by 7.43%).

06/01/2025 14:14

Ms. Nguyen Thi Huong, Director General of the General Statistics Office, provided information on socio-economic statistics for 2024.

(PLVN) - According to the announcement, the gross domestic product (GDP) in the fourth quarter of 2024 is estimated to increase by 7.55% compared to the same period last year. The GDP for the whole year maintained a trend of each quarter increasing higher than the previous one (Q1 increased by 5.98%, Q2 increased by 7.25%, Q3 increased by 7.43%).

GDP increased steadily towards the end of the year.

On January 6, 2025, the General Statistics Office held a press conference to announce the socio-economic statistics for the fourth quarter and the year 2024.

According to Ms. Nguyen Thi Huong, Director General of the General Statistics Office, the gross domestic product (GDP) in the fourth quarter of 2024 is estimated to increase by 7.55% compared to the same period last year, only lower than the fourth quarters of 2017 and 2018 in the period 2011-2024, and the GDP for the whole year maintains a trend of each quarter increasing higher than the previous one (Q1 increased by 5.98%, Q2 increased by 7.25%, Q3 increased by 7.43%).

GDP in 2024 is estimated to grow by 7.09% year-on-year, only slightly lower than the growth rates of 2018, 2019, and 2022 during the 2011-2024 period. Within the overall increase in added value, the agriculture, forestry, and fisheries sector grew by 3.27%, contributing 5.37%; the industry and construction sector grew by 8.24%, contributing 45.17%; and the services sector grew by 7.38%, contributing 49.46%.

In particular, the agriculture, forestry, and fisheries sector achieved positive growth of 3.27% in 2024 despite the impact of natural disasters, storms, and floods. Specifically, the production of many agricultural products increased significantly, livestock farming developed steadily, and aquaculture production increased considerably. In the industrial and construction sector, the industry recovered positively and grew strongly compared to 2023. The added value of the industrial sector in 2024 increased by 8.32% compared to the previous year.

Trade and tourism activities maintained high growth momentum, making a positive contribution to the growth of the service sector. The added value of the service sector in 2024 increased by 7.38%, higher than the 6.91% growth rate of 2023.

Several market-oriented service sectors have a large share and make significant contributions to the overall growth rate of the economy, such as: Wholesale and retail trade increased by 7.96% year-on-year; transportation and warehousing increased by 10.82%; financial, banking and insurance activities increased by 7.11%; accommodation and food services increased by 9.76%...

According to Ms. Huong, the GDP at current prices in 2024 is estimated to reach 11,511.9 trillion VND, equivalent to 476.3 billion USD. GDP per capita in 2024 at current prices is estimated at 114 million VND/person, equivalent to 4,700 USD, an increase of 377 USD compared to 2023. Labor productivity of the entire economy in 2024 at current prices is estimated at 221.9 million VND/worker (equivalent to 9,182 USD/worker, an increase of 726 USD compared to 2023); at constant prices, labor productivity increased by 5.88% due to improved worker skills (the percentage of trained workers with degrees and certificates in 2024 is estimated at 28.3%, 1.1 percentage points higher than in 2023).

The consumer price index rose by 3.63%.

According to the announcement at the press conference, the average consumer price index (CPI) for the fourth quarter of 2024 increased by 2.87% compared to the fourth quarter of 2023. For the whole year of 2024, the CPI increased by 3.63% year-on-year, meeting the target set by the National Assembly .

The price index for food and food services increased by 4.03% year-on-year, contributing 1.35 percentage points to the overall CPI increase; the price index for housing, electricity, water, fuel, and construction materials increased by 5.2% year-on-year, contributing 0.98 percentage points to the overall CPI increase, mainly due to a 7.68% increase in the price index for household electricity driven by increased demand and EVN's adjustment of the average retail electricity price, which contributed 0.25 percentage points to the overall CPI increase.

Factors contributing to curbing the CPI growth rate in 2024 include: The postal and telecommunications price index in 2024 decreased by 1.02% compared to 2023 due to lower prices of older generation phones as businesses implemented discount and stimulus programs for smartphones.

Core inflation (CPI, excluding food, fresh produce, energy, and state-managed items including healthcare and education) in December 2024 increased by 0.25% compared to the previous month and by 2.85% compared to the same period last year. On average for 2024, core inflation increased by 2.71% compared to 2023, lower than the overall average CPI increase (3.63%). This is mainly due to the fact that prices of food, electricity, education, and healthcare services, while contributing to CPI increases, are excluded from the core inflation calculation.

Source: https://baophapluat.vn/gdp-nam-2024-uoc-tang-709-post536976.html