Retail, service sectors post encouraging growth in Q1

09:12 | 31/03/2015 Economy- Society

The total retail sales and service revenue earned in the first quarter this year was 790.8 trillion VND (37.13 billion USD), according to data from the General Statistics Office (GSO).

Retail, service sectors post encouraging growth in Q1

The average CPI growth for the first three months was minus 0.03 percent (Photo: VNA)

The figure represents a 10 percent year-on-year rise, GSO said, adding that the increase would be 9.2 percent if inflation was excluded.


The increase, however, is lower than the 10.7 percent for the first two months, but it is fairly high compared to the 5-6 percent growth in the final months of last year.


GSO statistician Vu Manh Ha attributed the high growth at the start of the year to the sliding consumer price index (CPI).


The average CPI growth for the first three months was minus 0.03 percent.


The CPI saw four consecutive months of reduction with minus growth from November in 2014 to February this year. It rose again by 0.15 percent this month.


Retail sales accounted for three fourths of total revenue, reaching 604.5 trillion VND (28.38 billion USD) in the first quarter this year, a rise of 10 percent compared to the same period last year, said Ha.


Meanwhile, the hotel-restaurant sector's total revenue increased by only 8.8 percent, lower than the average. The total revenue for tourism was down by 22.8 percent.


The gap between the increase in total revenue when inflation was included and excluded was narrowed.


The gaps between the increase in total revenue when inflation is included and excluded in the first two months were 11.4 percent and 10.7 percent, while that of the first three months were 10 percent and 9.2 percent.


The gap was often double or nearly double that of last year. The gaps between the increase in total revenue when inflation is included and excluded in 2014 were 10.6 percent and 5.5 percent and that for the first six months of last year were 10.7 percent and 5.7 percent.

Source VNA

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