GRDP increases by 5.9% in Quarter I

31/03/2020 22:26

(BNP) - According to report of Statistics Office, in the first quarter of 2020, Gross Regional Domestic Product (GRDP) was estimated at VND 31,578.9 billion (at constant 2010 prices), up 5.9% compared to the first quarter of 2019.

Illustrative photo.

The high economic growth in the first quarter was due to the nearly double-digit growth of industrial production in the FDI sector. In February, Samsung launched three new product lines with advanced features that were well received and ordered by consumers in large quantities so industrial production increased.

Particularly, the industry - construction sector increased by 8.2% and contributed 6 percentage points to the growth, which was mainly due to the industry increased by 9.7% and contributed 6.7 percentage points.

Product tax increased by 3.4% over the same period last year and contributed 0.2 growth points because FDI enterprises increased the import of raw materials and electronic components to produce new phones.

 However, the service sector decreased by 0.5% and reduced by 0.1 percentage points of growth; agriculture, forestry and fishery decreased by 7.9% and reduced by 0.3 percentage points of growth.