GDP increases by 4.96 percent in first quarter

08:52 | 02/04/2014 Economy

(VEN) - The Ministry of Planning and Investment’s General Statistical Office said that gross domestic product (GDP) increased by 4.96 percent in the first quarter of this year compared with 5.97 percent in the same period of 2010, 5.9 percent in 2011, 4.75 percent in 2012 and 4.76 percent in 2013.

Of this, the agriculture-forestry-fishery sector grew by 2.37 percent compared with 2.34 percent a year ago; industry and construction up by 4.69 percent; and services up by 5.95 percent compared with 6.71 percent in 2010, 6.04 percent in 2011, 4.99 percent in 2012 and 5.68 percent in 2013. Finance, banking and insurance services in particular increased by 5.91 percent from a year ago. The real estate sector showed signs of recovery as a result of reduced interest, loosened house loan requirements and state policies to support the real estate sector.

The General Statistical Office also said that industries, particularly processing and manufacturing, were facing difficulties and that economic growth in the first quarter of this year was largely due to the export surplus most of which came from the foreign direct investment (FDI) sector.

For this reason, the General Statistical Office proposed that the government put in place policies to boost the economy in the near future. Specifically, it needs to revise its policies on deposit and loan interest, continue restructuring the economy and apply sound policies towards the state, private and FDI sectors./.          

Nguyen Hoa