(Bloomberg) — Vietnam’s economy recorded double-digit growth in the third quarter, helped by a rebound in manufacturing and a lower base than a year ago.
Gross domestic product rose 13.67% in the three months to September from a year earlier, the General Statistics Office said on Thursday. That compares with a median estimate of 14.35% growth in a Bloomberg survey of economists and a contraction of 6.02% a year ago when the country closed some factories under strict lockdown measures. virus control.
Since then, the economy has rebounded with the end of restrictions, domestic demand has picked up and exports have increased. The recovery in activity was accompanied by a surge in consumer price inflation, which stood at 3.94% this month, the fastest in more than two years.
“Production and commercial activities have increased sharply,” the GSO said in a statement. “Many industries have recovered strongly and achieved higher growth even compared to the period before the Covid-19 outbreak,” he said.
The country’s benchmark stock index was up 0.5% at 10:59 a.m. local time and looks set to suffer four straight days of declines. The dong slid 0.07% to trade at a record high at Hanoi banks, according to data compiled by Bloomberg.
The central bank, which raised two of its key rates by one percentage point each last week amid a slump in the national currency, said it would urge commercial banks to find ways to keep costs down. low loan to help businesses.
(Updates with chart and sector performance details in sidebar.)
©2022 Bloomberg LP