GDP slows in Q1 amid global difficulties

Growth in the first quarter rises 3.32% year-on-year.

GDP growth in Q1 and previous years.GDP growth in Q1 and previous years.

Vietnam posted GDP growth of 3.32 per cent year-on-year in the first quarter amid difficulties facing the global economy, according to the General Statistics Office (GSO).

At a press briefing on March 29 to release socio-economic figures for the first quarter, Head of the GSO Nguyen Thi Huong said the world continues to witness complex changes such as high inflation, slow recovery, and declining consumption demand in major trade partners.

In particular, the uncertainties at some banks in the US and Europe have impacted the trust of people around the world in banking systems while central banks have continued to increase interest rates and tighten monetary policies, she said.

International organizations have made varying forecasts regarding global economic growth this year but all expect figures to be down by 0.5-1.2 percentage points compared to previous years.

Continued global difficulties will affect growth in Vietnam, she added.

Production has declined in certain key industrial sectors due to high production costs and falling orders.

Write Your review