With stable macro-economic conditions and inflation rate at the lowest in 2017 – 2019, the momentum of the economy remains strong, stated GSO.

In first three months of this year, the agriculture, forestry and fishery sector increased by 2.68%, contributing 4.9% to the overall growth; the sector of industry and construction rose by 8.63%, contributing 51.2%; and the service sector climbed by 6.5%, contributing 43.9%.

The agriculture posted growth rate of 1.84% year-on-year, much lower than the 3.97% growth rate recorded in the first quarter of 2018 and contributed 0.17 percentage points, the fishery also posted a 9-year high for the first-quarter performance at 5.1%, adding 0.14 percentage points, while forestry increased by 4.2%, contributing 0.03 percentage points. 

In the industrial and construction sector, the industry grew by 8.95%, contributing 3.14 percentage points to the overall growth. The highlight of this sector and driving force of the economy is the manufacturing with an increase of 12.35% and contributing 2.72 percentage points to the overall growth. The construction maintained the fairly good growth with the rate of 6.68%, and added 0.39 percentage points to the general growth.

In the service sector, the growth rates of some industries with large proportion were as follows: The wholesale and retail trade increased by 7.82% over the same period last year, it is the industry with the largest contribution to the general growth (0.95 percentage points); the accommodation and catering service grew by 6.22% and contributed 0.3 percentage points; the finance, banking and insurance climbed by 7.71% and contributed 0.36 percentage points; the real estate business moved up by 4.75% and contributed 0.32 percentage points.

About the structure of the economy in the first three months of this year, the agriculture, forestry and fishery sector made up 10.16%; the sector of industry and construction accounted for 35.25%; the service sector represented 44.04%; and product taxes less subsidies on production accounted for 10.55%.

In terms of GDP use in three months, the final consumption rose by 7.09% from the similar period in 2017; accumulated assets grew by 6.2%; trade balance of goods and services increased by 15.51%.