Taking Stock, July 2015 : An Update on Vietnam's Recent Economic Developments
Economic activity continued to firm up in 2015, driven by domestic demand. After coming in at 6 percent in 2014, GDP growth accelerated to 6.28 percent during the first half of 2015, the fastest first-half-of-the-year growth rate in the past five y...
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| Format: | Report |
| Language: | English en_US |
| Published: |
Hanoi
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/07/24790418/taking-stock-update-vietnams-recent-economic-developments http://hdl.handle.net/10986/22342 |
| Summary: | Economic activity continued to firm up
in 2015, driven by domestic demand. After coming in at 6
percent in 2014, GDP growth accelerated to 6.28 percent
during the first half of 2015, the fastest
first-half-of-the-year growth rate in the past five years.
The recovery was driven by strong activity in manufacturing
and construction, which together contributed nearly half of
overall GDP growth. Retail sales also performed strongly,
posting 8.3 percent (in real terms) in the first six months
of 2015, up from 6.3 percent in 2014. However, despite the
pickup in retail activity, overall services (which account
for nearly 40 percent of GDP) rose modestly at 5.9 percent
in the first half of 2015. In part, this reflected a
struggling tourism sector, with tourist visits in the first
six months down by 11 percent year-on-year. On the demand
side, stronger growth was driven by investment (spurred by
strong FDI inflows) and stronger private consumption boosted
by low inflation. The contribution of net exports turned
negative as sluggish external demand weighed on export
growth while strengthened domestic activity continued to
fuel import growth. |
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