VINACHEM

The GDP for the first six months of 2024 increased by 6.42%, slightly lower than the growth rate of 6.58% in the first six months of 2022. Notably, GDP in the second quarter continued its recovery trajectory.

According to data released by the General Statistics Office, the gross domestic product (GDP) in Q2/2024 grew positively, with an estimated growth rate of 6.93% compared to the same period last year. This rate is only lower than the 7.99% growth recorded in Q2/2022 within the 2020-2024 period.

In detail, the agriculture, forestry, and fishery sector increased by 3.34%, contributing 5.36% to the total added value growth of the economy. The industrial and construction sector saw an increase of 8.29%, contributing 45.73%, while the service sector increased by 7.06%, contributing 48.91%.

The GDP growth in the first half of 2024 was 6.42%, marking it as the second-highest growth rate within the 2020-2024 period, only trailing the 6.58% growth in the same period in 2022.

Breaking down the total added value growth, the agriculture, forestry, and fishery sector increased by 3.38%, contributing 5.96%. The industrial and construction sector increased by 7.51%, contributing 44.28%, and the service sector increased by 6.64%, contributing 49.76%.

In the agriculture, forestry, and fishery sector, stable growth was observed, with the output of major perennial crops and aquaculture showing significant increases. Specifically, the agricultural sector's added value in the first six months of 2024 increased by 3.15% year-over-year, contributing 0.27 percentage points to the total added value of the economy. The forestry sector increased by 5.34%, contributing 0.03 percentage points, and the fishery sector increased by 3.76%, contributing 0.09 percentage points.

The industrial and construction sector maintained its growth momentum, driven by key industrial products meeting new order demands from enterprises. The entire industry's added value in the first six months of 2024 increased by 7.54% year-over-year, contributing 2.44 percentage points to the total added value growth.

The processing and manufacturing industry emerged as a significant growth driver, with an 8.67% growth rate, contributing 2.14 percentage points. The electricity production and distribution industry increased by 13.26%, contributing 0.5 percentage points. The water supply, waste, and wastewater management and treatment industry increased by 7.13%, contributing 0.04 percentage points. However, the mining industry decreased by 7.22%, reducing growth by 0.24 percentage points.

Notably, the construction industry increased by 7.34%, the highest increase within the 2020-2024 period, contributing 0.48 percentage points.

In the service sector, exports saw a sharp increase due to recovering global consumer demand, positively impacting economic growth. The added value of the service sector in the first six months of 2024 increased by 6.64% year-over-year, surpassing the 1.18% and 5.06% growth rates in the same periods of 2020 and 2021, respectively.   – VNN –