Photo: VNA

According to the socio-economic report of the General Statistics Office, the gross domestic product (GDP) in the first quarter increased by 5.03% over the same period last year.

This figure is higher than the growth rate of 4.72% in the same period in 2021 and 3.66% in the same period in 2020. However, this figure is still lower than the growth rate of 6.85% in the first quarter of 2019.

The agriculture-forestry-fishery sector increased by 2.5%, contributing 5.8% to the overall growth; industry and construction increased by 6.4%, contributing 51%; the service sector increased by 4.6%, contributing 43%.

Regarding the use of GDP in the first quarter, final consumption increased by 4.3% over the same period last year. Asset accumulation increased by 3.2%, exports of goods and services increased by 5.1% and imports increased by 4.2%.

The domestic socio-economic assessment report for the first three months of the year took place in the context that the world economy remained recovering, production activities were boosted, the global supply chain began to return to normal.

However, the conflict between Russia and Ukraine has created a crisis that affects millions of people, a shock that severely affects global growth.

Therefore, the prices of all kinds of goods on the world market increased rapidly, especially the prices of crude oil and natural gas. This has put great pressure on global inflation. Therefore, recent forecasts of international organizations on global growth in 2022 have all been lower than previous forecasts.

Photo: VNA

The content of the report emphasizes the determination to recover and develop the domestic economy so as not to miss the pace of the world economy's recovery. The report also mentions the goals of the Resolution of the XIII Congress, dated January 30; Resolution 11/NQ-CP on the socio-economic recovery and development program; Resolution No. 43/2022/QH15 of the National Assembly on fiscal and monetary policies to support the program.

Ministries, branches, and localities have focused on developing action plans to synchronously carry out solutions. The support of the people and the confidence of the business community are the driving force behind the Government's socio-economic recovery and development program. It has had an effective impact, creating a driving force for rapid and sustainable economic recovery and development.

As a result, the country's socio-economic results in the first three months of the year have achieved positive results, most industries and fields tend to recover and grow again.

In the general growth rate of the whole economy, the processing and manufacturing industry continued to play the leading role with an increase of 7.8% over the same period last year.

Some sectors recorded large contributions to the “general picture,” such as financial, banking and insurance activities, which increased by 9.8%; transportation and warehousing increased by 7.1%; wholesale and retail increased by nearly 3%; accommodation and catering services decreased by 1.8%.

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