13:19 | 03/05/2016 Economy- Society
(VEN) - General Statistical Office Head Nguyen Bich Lam said that the economic growth slowed in the first quarter of this year. To achieve the annual growth target of 6.7 percent set by the National Assembly, it is necessary to implement key measures.
The growth slowed
According to the General Statistical Office, gross domestic product (GDP) increased by 5.46 percent in the first quarter of this year, a decline against 6.12 percent a year ago and 5.9 percent in the same time in 2011 but an increase against 4.75 percent in 2012, 4.76 percent in 2013 and 4.96 percent in 2014.
Specifically, the increased value of the agriculture-forestry-fishery sector accounted for 98.77 percent of that in the same period last year, the lowest growth over the same period in previous many years. The industry-construction sector grew by 6.72 percent against a year ago, an increase from the same period in 2013-2014 and a significant decline against the 8.74 percent growth in the same time last year. Of this, the industrial sector grew by only 6.2 percent compared with 9.27 percent from a year ago, largely due to the significantly decreased growth in the mining and processing-manufacturing sectors.
Nguyen Bich Lam said that the service sector increased by 6.13 percent in terms of value in the first quarter of this year, the highest growth rate since the first quarter of 2012.
Following the 2016-2020 socioeconomic development plan, achievements in the first quarter of 2016 would create an engine for economic development during this period. However, the global and domestic economy has changed in early months of the year causing difficulties in Vietnamese exports and imports. In particular, climate change including the long cold in the north, droughts in the central region and the Central Highlands and land erosion and the intrusion of saltwater in the Mekong Delta provinces have adversely affected production and trading, particularly agriculture, industries and exports in early months of the year.
Measures for the rest of the year
Also according to Nguyen Bich Lam, the macro economy was kept stable; major economic factors were balanced; inflation saw no rapid increase and the consumer price index only increased slightly; economic growth recovered; and foreign trade showed positive signs in the first quarter of the year. However, major difficulties remained, posing great challenges for the country to reach the growth target at 6.7 percent by the end of the year.
In this light, the General Statistical Office has set five key measures to achieve the growth target for the year. First is to continue implementing the money policy in an active and flexible manner and in close combination with other macroeconomic policies to control inflation, ensure a stable macro-economy, and contribute to economic growth.
Second is to quickly and toughly cope with natural calamities including the intrusion of saltwater and droughts.
Third is to boost exports, enhance trade promotion programs, promote investment and seek and expand export markets.
Fourth is to strengthen market management and closely monitor changes in the market in terms of price, particularly for major goods like rice, gasoline and oil, iron and steel, and fertilizer in order to ensure the balance between goods supply and demand.
Fifth is to continue implementing social welfare policies and effectively launch the National Target Program on Sustainable Poverty Reduction.