Gross Domestic Product (GDP) growth in the first nine months of 2016 expanded an estimated 5.93%, down from 6.53% in the same period last year, reported the General Statistics Office (GSO) in a press briefing on September 29th.

Photo for illustration. (Source: thesaigontimes.vn)

During the period, GDP growth continued the increasing trend over all quarters, with 5.48% in the first quarter, 5.78% in the second quarter and 6.4% in the third quarter.

Mr. Nguyen Bich Lam, General Director of GSO, said that the slowdown was due to decline of the mining industry at 3.6% and slow growth in agriculture, forestry and fishery with only 0.65%, the lowest growth rate compared to the same period in the past six years, only contributing 0.11% points to the common growth rate.

Industry and construction reported a growth of 7.5%, contributing 2.52% points. Industry in the nine months only rose 7.19%, much lower than the growth rate of 9.86% of the same period last year.

Meanwhile, service gained a growth rate of 6.66%, contributing to 2.55% points, in which wholesale and retail rose 8.15% (0.74% points), accommodation and food services increased 5.71%, financial, banking and insurance activities grew 7.38% and real estate business soared 7.38%./.

( VNF )