Hanoi June GDP Rises 7.6pct On Year, Inflation Slows

Hanoi’s economy grew 7.6 percentin the first six months of the year from the same period last year, the state-run Vietnam News Agency reported on Wednesday quoted the government’s statistics office as saying.

The figure is lower than last June GDP growth and also miss the target, however, it is also encouraging amid current economic difficulties.

Of note, the agriculture-forestry and aquaculture posted a decline of 2.9 percent on year, reducing the GDP growth by 0.2 percent due to unfavourable weather.

The industry and construction sector grew 8.1 percent on year, contributing 4 percent to the nation’s economic growth. The industrial production continued to meet difficulties due to high interest rates; slow-down sales, high inventory and sluggish property market as a result of tightening policy.

The service sector rose 8.5 percent on year, adding 3.8 percent to the GDP growth thanks to basic salary increase of 26.5 percent.

The municipal GSO’s data also showed that Hanoi consumer price index (CPI) was estimated to have fallen by 0.17 percent on-month in June 2012, dragging the figure to +2.57 percent from December 2011 and +3.62 percent from June 2011; the city’s export turnover is estimated to have risen 7.2 percent year-on-year in the first half of this year and credit growth rose 2.1 percent in the period.

 

Category: Economy