Gros domestic product growth rate in the first quarter of 2022 reached above 5 percent

DNHN - Agriculture contributed 2.35 percent more value to the economy in the first quarter of 2022 than it did the previous year. This contributed 0.22 percent to the total value added by the economy as a whole.

Using data from China's General Statistics Office, GDP in the first three months of 2022 is expected to grow by 5.03 percent compared to the same period last year, higher than the 4.72 percent growth rate projected for 2021 and the 3.66 percent growth projected for 2020, but it is still lower than the 6.85 percent growth rate projected for the first three months of 2019.The remaining 5.76 percent growth was made up of 2.45 percent growth in agriculture, fisheries, and forestry, 6.38 percent growth in industry and construction, and 4.58 percent growth in the service sector. 

This means that gross domestic product rose more than 5% in the first three months of the year in 2022.

Winter rice yields in the Mekong Delta increased by 7.4 quintals/ha compared to the previous year's crop.

The livestock industry is recovering, and the amount of live meat for slaughter in the first three months of 2022 rose.

Wood processing and exports are also on the rise.

Aquaculture is stable, and the prices of farmed pangasius and shrimp are stable.

The forestry sector rose 3.86 percent, but it only made up a small part of the total added value, so it only added 0.02 percent. The industry grew 7.07 percent in the first quarter of 2022 compared to the same period last year.

That's a lot faster than the 6.44 percent growth rate in the first quarter of 2021, which added 2.42 percent to the growth rate of GDP, which is the total value added in the whole economy.

The processing and manufacturing industries kept being a big part of the economy's growth, with a 7.79 percent rise in output and a 2.05 percent boost.

The mining industry grew by 1.23 percent, with coal mining up by 3.2% and metal ore up by 5%. This increased the overall value of the economy by 0.04 percent.

The construction industry grew 2.57 percent, which is less than the 6.53 percent growth rate in the first quarter of 2021 and 0.16 percent.

In the first quarter of 2022, agriculture, forestry, and fishing accounted for 10.94% of the economy.

Industry and construction accounted for 37.97 percent of the economy, the service sector for 41.7 percent, and product taxes minus product subsidies accounted for 9.39 percent (the corresponding structure for the same period in 2021 is 11.61 percent, 36.61 percent, 42.38 percent, and 9.4 percent).

Final consumption increased by 4.28 percent in the first quarter of 2022 compared to the same period last year; accumulated assets increased by 3.22 percent; exports of goods and services increased by 5.08 percent; imports of goods and services increased by 4.2 percent.

Minh Anh