GDP in 2022 increases by 8.02%: Highest growth rate in the period 2011-2022

Labor productivity of the entire economy at current prices reached 188 million VND/worker, equivalent to 8,083 USD/worker, an increase of 622 USD compared to 2021. (Photo: VNA)

According to the 2022 socio-economic situation report of the General Statistics Office, the gross domestic product (GDP) in 2022 is estimated to increase by 8.02% compared to 2021, the highest increase in the period 2011-2022.

GDP per capita in 2022 at current prices is estimated at 95.6 million VND/person, equivalent to 4,110 USD, an increase of 393 USD compared to 2021. In addition, labor productivity of the whole economy reached 188 million VND/worker (equivalent to 8,083 USD/worker, an increase of 622 USD compared to 2021).

Labor productivity in 2022, calculated at comparable prices, increased by 4.8% due to improved labor qualifications (the proportion of trained workers with degrees and certificates in 2022 reached 26.2%, 0.1 percentage points higher than last year).

Processing and manufacturing continue to be the growth driver

In the increase of total added value of the whole economy, the industrial and construction sector increased by 7.8%, contributing 38.2%, the service sector increased by approximately 10%, contributing 56.7%, the agricultural, forestry and fishery sector increased by 3.4%, contributing 5.1%.

In the industrial and construction sector, the processing and manufacturing industry continued to be the growth driver of the entire economy with a growth rate of 8.1%, contributing 2 percentage points to the growth rate of the total added value of the entire economy.

In addition, the water supply, waste and wastewater management and treatment sector increased by 7.5%, contributing 0.04% percentage points. The electricity production and distribution sector increased by 7%, contributing 0.26 percentage points. The mining sector increased by 5.2%, contributing 0.17 percentage points and the construction sector increased by 8.2%, contributing 0.59 percentage points.

(Source: General Statistics Office)

The bright spot is the service sector with strong recovery and growth, with a growth rate of 9.99% in 2022, the highest in the 2011-2022 period.

Some high-growth market service sectors contributed significantly to the growth rate of total added value of the entire economy, such as: Wholesale and retail increased by 10% compared to the previous year, contributing 0.97 percentage points; transportation and warehousing increased by 11.9%, contributing 0.69 percentage points; accommodation and catering services increased the most in the service sector with an increase of 40.61%, contributing 0.79 percentage points...

In addition, financial, banking and insurance activities increased by 9%, contributing 0.53 percentage points, the information and communication industry increased by 7.8%, contributing 0.5 percentage points. Particularly, the health sector and social assistance activities decreased by 7.6%, reducing 0.13 percentage points because the COVID-19 epidemic has been controlled, so the cost of disease prevention and control has decreased compared to 2021.

In the agriculture, forestry and fishery sector, the agriculture sector alone grew by 2.9%, contributing 0.27 percentage points to the growth rate of the total added value of the entire economy. On the other hand, the forestry sector grew by 6.1%, contributing 0.03 percentage points, and the fishery sector grew by 4.4%, contributing 0.12 percentage points.

In the economic structure in 2022, the agriculture, forestry and fishery sector accounts for 11.9%, the industry and construction sector accounts for 38.3%, the service sector accounts for 41.3%; product taxes minus product subsidies account for 8.5%.

Regarding GDP use in 2022, final consumption increased by 7.2% compared to 2021, contributing 49.3% to the overall growth rate, asset accumulation increased by 5.7%, contributing 22.6%, exports of goods and services increased by 4.9%, imports of goods and services increased by 2.2%, the difference between exports and imports of goods and services contributed 28%.

Determined to restore and develop the economy

Explaining that Vietnam's economy recorded an impressive recovery in the context of a risky and unpredictable world economy, Ms. Nguyen Thi Huong, General Director of the General Statistics Office, analyzed that the country's socio-economic situation in 2022 took place in the context of the world economy facing great challenges, rapid fluctuations, unpredictability and high instability. Inflation has increased to the highest level in decades and forced countries to tighten monetary policies. In addition, there is strategic and geopolitical competition between major countries, military conflicts between Russia and Ukraine, natural disasters, epidemics, climate change, storms, droughts, etc. These factors have increased risks to the financial market, currency, energy security, and global food security.

(Source: General Statistics Office)

Domestically, with the determination to restore and develop the economy, creating momentum to complete the socio-economic goals for 2022 and the 2021-2025 period set out in the Resolution of the 13th National Congress, the Government and the Prime Minister have directed ministries, branches and localities to closely monitor the situation and policy changes of countries to promptly issue appropriate monetary and fiscal policies and macroeconomic solutions.

On that basis, the entire political system took action and simultaneously actively and resolutely implemented the tasks and solutions of Resolution 01/NQ-CP, Resolution 02/NQ-CP, and Resolution 11/NQ-CP on the Socio-Economic Recovery and Development Program.

“Thanks to that, our country's economy has recovered strongly, the macro economy has been stable, inflation has been under control, and major balances have been ensured. The improved investment and business environment has contributed positively to the recovery and development of the socio-economy, creating trust and support from the people and the business community. As a result, some industries have had higher growth rates than the year before the COVID-19 pandemic,” said Ms. Huong.

According to VNA