Overcoming difficulties, Vietnam's economy in 2023 will grow by 5.05%

Statistical indicators for 2023 show that the domestic macro economy continues to be stable, inflation is controlled at an appropriate level; supply and demand of essential goods are guaranteed, and domestic purchasing and consumption activities maintain a fairly high growth rate.

At the press conference announcing socio-economic statistics for the fourth quarter and 2023 held on the morning of December 29, General Statistics Office Director Nguyen Thi Huong said that the gross domestic product (GDP) in 2023 is estimated to increase by 5.05% over the previous year.

In the total added value growth of the entire economy, the agriculture, forestry and fishery sector increased by 3.83%, contributing 8.84%; the industry and construction sector increased by 3.74%, contributing 28.87%; the service sector increased by 6.82%, contributing 62.29%.

Specifically, the agriculture, forestry and fishery sector grew positively. The added value of the agricultural sector in 2023 increased by 3.88%, contributing 0.34 percentage points to the total added value growth of the entire economy; the forestry sector increased by 3.74% but accounted for a low proportion, so it only contributed 0.02 percentage points; the fishery sector increased by 3.71%, contributing 0.1 percentage points.

In the industrial and construction sector, the industry faces many difficulties and challenges in the context of declining global demand. The total added value of the entire industry in 2023 increased by only 3.02%, the lowest increase in the years in the period 2011-2023 and contributed 1.0 percentage point to the growth rate of the total added value of the entire economy.

Trade and tourism activities maintained high growth momentum, contributing positively to the growth of the service sector. The added value of the service sector in 2023 increased by 6.82%, higher than the growth rates of 2.01% and 1.75% in 2020-2021.

Notably, trade and consumer service activities in the last month of the year were vibrant, contributing to the completion of the 2023 production and business plan. The service sector achieved a fairly positive growth rate compared to the previous year.

Total retail sales of goods and consumer service revenue in the fourth quarter of 2023 increased by 9.3% over the same period. In 2023 as a whole, total retail sales of goods and consumer service revenue increased by 9.6%.

Regarding the economic structure in 2023, the agriculture, forestry and fishery sector accounts for 11.96%; the industry and construction sector accounts for 37.12%; the service sector accounts for 42.54%; product taxes minus product subsidies account for 8.38% (The corresponding structure in 2022 is 11.96%; 38.17%; 41.32%; 8.55%).

The average consumer price index (CPI) in the fourth quarter of 2023 increased by 3.54% compared to the fourth quarter of 2022. For the whole year of 2023, the CPI increased by 3.25%, achieving the target set by the National Assembly.

“In the context of general difficulties of the global economy, our country's socio-economic situation in 2023 continues to recover, the macro economy is stable, inflation is under control, major balances are ensured, many important results in various fields achieve the set goals and continue to be a bright spot in the economy in the region and the world,” said General Director Nguyen Thi Huong.

Source