Gdp growth by year us

Singaporean-based United Overseas Bank (UOB) maintained its forecast for Vietnam’s gross domestic product (GDP) growth at 6.5 percent this year despite global uncertainty brought about by the conflict in Ukraine and soaring commodity prices. UOB recently released its report on the economic growth of markets around the world, including Vietnam. The report pegged its forecast for Vietnam’s GDP growth at 6.5 percent and core inflation rate at 3.7 percent this year. UOB’s forecast for the country’s GDP growth is in line with the Vietnamese government’s goal of hitting a 6-6.5 percent economic expansion for 2022. The bank's report predicted that the country’s GDP growth will reach 7.6 percent in the third quarter of this year. However, the inflation rate could rise to five percent in 2023 due to various risks and challenges, including the Russia-Ukraine conflict and related sanctions. One of the optimistic signs of the Vietnamese economy is that foreign direct investment (FDI) … [Read more...] about UOB forecasts 6.5 percent GDP growth for Vietnam despite global uncertainty

In a recent report, the Singapore-based United Overseas Bank noted that Vietnam continued its development trend in the second quarter of 2022. In the first six months of this year, the production sector recorded a 9.2 percent rise year-on-year. Based on its latest data and analysis of upcoming challenges, the report maintained its prediction for Vietnam’s GDP growth this year at 6.5 percent, and 7.6 percent in the third quarter of 2022. However, the bank experts held that a number of outside risks are challenging the country’s economic growth, including the Russia-Ukraine conflict . With an uncertain outlook from geopolitics, and the fact that domestic inflation continues to be managed, UOB believed that the State Bank of Vietnam has enough capacity to keep its policy interest rate stable to support economic recovery efforts./. VNA … [Read more...] about OUB maintains Vietnam’s GDP growth forecast at 6.5 percent

Illustrative image (Source: VNA) HCM City (VNA) – The Singapore-based United Overseas Bank (UOB) has maintained its forecast for Vietnam’s GDP growth at 6.5 percent and core inflation rate at 3.7 percent of core inflation rate in 2022, but predicted that inflation may reach 5 percent in 2023 due to multiple risks and challenges. GDP growth this year at 6.5 percent, and 7.6 percent in the third quarter of 2022. double-digit rate over the past 14 months. Russia-Ukraine conflict lasting more than 100 days and tensions and sanctions showing no signs of abating, UOB predicted that Vietnam's core inflation will stand at 3.7 percent in 2022 and increase to 5 percent in 2023. VNA … [Read more...] about UOB maintains Vietnam’s GDP growth forecast at 6.5 percent

According to data from the General Statistics Office, along with the impressive second-quarter GDP, the six-month GDP growth stands at 6.4 per cent, which is the best performance in three years. Last year's first-half GDP growth was 5.7 per cent. Manufacturing and processing is the growth engine of the economy as it picked up nearly 9.7 per cent in the first half. Industry and construction growth climbed 7.7 per cent, while the agriculture, forestry, and fisheries sectors posted growth of 2.8 per cent in the first half of 2022. Services also grew by 6.6 per cent following the reopening of tourism. Industrial production recorded robust growth across key segments with clothing production up 23 per cent and electronic components up 22 per cent thanks to factories being able to ramp up production with the waning of the Omicron wave. In the first half of the year, the total export and import turnover of goods reached $371.2 billion, up 16.4 per cent over the same period last year. … [Read more...] about Vietnam’s second-quarter GDP growth hits a decade-long record high

According to ICAEW, Vietnam was able to bounce back quite quickly in 2021 as compared to the rest of the region. With the easing of restrictions from last year’s fourth quarter that carried over to this year’s first quarter, there has been a significant recovery in its services sector driven by domestic tourism. Additionally, there should be a boost on the international tourism front as travellers return to Vietnam. Realised foreign direct investments inflow into Vietnam this year should provide support for construction and labour and also improve export capacity, which still remains healthy. It was noted that Vietnam was not particularly affected by the Delta variant wave, and hence did not experience large lockdowns that impacted its economy as much as Malaysia and the Philippines did. The economic recovery path chartered across Southeast Asia has been uneven and must now contend with rising external headwinds from outside the region. Despite that, an average … [Read more...] about Vietnam’s GDP growth forecasted to hit 6.5 per cent in 2022

The growth rate helps bring Vietnam’s economic growth in the first six months to 6.42 percent, the highest in three years. Last year, the first-half expansion rate was 5.74 percent. Manufacturing and processing in the first six months expanded by nearly 9.7 percent. Industry and construction expanded by 7.7 percent, while the agriculture, forestry and fishery sectors saw growth of 2.78 percent. The Index of Industrial Production (IIP) in the first six months surged in some key sectors, like garment (23 percent), electric equipment manufacturing (22 percent), and medicines production (17.5 percent). Sixty-one out of 63 localities in the country posted IIP growth, except for the provinces of Ha Tinh and Tra Vinh where the energy production sector posted a decline. Exports in the first six months rose 17.3 percent year-on-year to $186 billion, while imports increased by 15.5 percent to $185 billion. Retail and services revenue rose by nearly 12 percent year-on-year to over … [Read more...] about Q2 GDP growth highest since 2011

Vietnam's economy grew at a 7.72% annual pace in the second quarter on the back of robust exports, government data showed on Wednesday, though authorities noted challenges such as rising inflation for the second half of the year. The Southeast Asian country's gross domestic product growth compared with an expansion of 5.05% in the first quarter and was the strongest growth rate for the April to June quarter since 2011, the General Statistics Office (GSO) said. For the first half of 2022, GDP grew 6.42% from a year earlier, faster than 2.04% growth in the first half of 2021. "This is a fairly high growth compared with other countries in the region and in the world, while macroeconomic stability has been maintained," the GSO said in a report. Vietnam, a regional manufacturing hub, started lifting its coronavirus restrictions late last year, allowing factories to resume full operations. Exports in the January-June period rose 17.3% from a year earlier to $185.94 billion, while … [Read more...] about Vietnam Q2 GDP growth quickens alongside price pressures

The bank said the projection was based on the strong set of data in the second quarter of 2022 and a historical track record of a generally robust performance in the second half of the year. The forecast was made with the assumption that there will be no further severe domestic disruptions from COVID-19, and growth rate for the second half of the year is projected at around 7.6 – 7.8%. According to the UOB, inflationary pressures on Vietnam are manageable as the main source of impact is energy while food prices are stable. However, it noted, upside risks are significant given the rapid pace of gains in energy prices which will eventually spread to the rest of the economy, especially if higher prices persist./. VNA … [Read more...] about UBO revises up Vietnam’s 2022 GDP growth forecast to 7%

The positive economic performance in the second quarter helped Vietnam’s GDP growth reach 6.4% year-on-year in the six months. Vietnam’s GDP growth in the second quarter of 2022 is estimated at 7.72% year-on-year, the highest since 2011, according to the General Statistics Office. Production of aircraft components at MHI Aerospace Vietnam at Thang Long Industrial Park. Photo: Pham Hung Such a rate put the country’s economic growth at over 6.4% in the first half of 2022, higher than the 2.04% rate in the same period of 2020 and 5.74% in the first six months of last year. During the period, the majority of economic sectors have shown signs of recovery, in which the agro-forestry-fishery expanded by 2.78%; the industrial and construction sectors grew by 7.7%, and services by 6.6%. Manufacturing and processing remained a growth-driving engine for the economy with an expansion rate of 9.7% year on year. The high economic growth was also reflected in the … [Read more...] about Vietnam’s GDP in 2Q hits decade-high

Vietnam has posted GDP growth of 7.72% in Q2 this year. (Photo: VNA) Hong Kong (VNA) – The Lianhe Zaobao daily in Hong Kong, China, on June 30 ran an article highlighting Vietnam’s impressive economic growth of 7.72% in the second quarter. It wrote that with export and consumption recovery, the Vietnamese economy rebounded strongly in Q2, with gross domestic product (GDP) increasing 7.72% year on year – the fastest pace in almost 11 years. This is expected to boost the GDP growth in the first half of 2022 to 6.42% from a year earlier, beyond the Government’s 5.5% expectation. The country recorded a growth rate of only 2.04% in the same period last year. Unveiling the statistics on June 29, the General Statistics Office (GSO) of Vietnam stressed that compared to other ASEAN members and countries in the world, this is a relatively high growth rate, and that the country has also maintained macro-economic stability, according to Lianhe Zaobao. The article noted … [Read more...] about Hong Kong daily spotlights Vietnam’s impressive growth