Ms. Nguyen Thi Huong, General Director of the General Statistics Office, reported that the GDP for Q4 2024 grew by 7.55 percent compared to the same quarter last year, which is only lower than Q4 of 2017 and 2018 within the 2011-2024 period. This growth pattern, where each quarter outpaces the previous one, continued with Q1 increasing by 5.98 percent, Q2 by 7.25 percent, and Q3 by 7.43 percent.
Breaking it down, the agricultural, forestry, and fishery sectors grew by 2.99 percent, contributing 4.86 percent to the overall increase in the economy's added value; the industrial and construction sectors expanded by 8.35 percent, contributing 44.03 percent; and the services sector rose by 8.21 percent, contributing 51.11 percent.
For GDP usage in Q4 2024, final consumption increased by 7.54 percent compared to the same period last year; asset accumulation grew by 7.98 percent; exports of goods and services rose by 11.35 percent; and imports of goods and services increased by 13.49 percent.
For the full year of 2024, GDP is estimated to have grown by 7.09 percent compared to the previous year, which is only lower than the growth rates of 2018, 2019, and 2022 within the 2011-2024 period. Specifically, the agricultural, forestry, and fishery sectors grew by 3.27 percent, contributing 5.37 percent; the industrial and construction sectors rose by 8.24 percent, contributing 45.17 percent; and the services sector expanded by 7.38 percent, contributing 49.46 percent.
In her general assessment, General Director Nguyen Thi Huong stated that despite the unpredictable global economic and political landscape, the Vietnamese economy achieved a growth rate of 7.09 percent in 2024, surpassing the target of 6 percent-6.5 percent. This success was made possible by the active involvement of the entire political system, the timely and decisive leadership of the Government and the Prime Minister, and the collective efforts of various levels, sectors, localities, businesses, and the people.
"The positive results of 2024 lay a solid foundation for the economy to accelerate and meet its targets in 2025," emphasized General Director Nguyen Thi Huong.
"This growth is a strong indicator of the high determination, significant efforts, and decisive, timely, and effective actions taken by the entire political system in managing and executing socio-economic development tasks. The positive outcomes of 2024 will serve as a critical stepping stone for the economy to gain momentum in 2025, achieving the highest goals set in the 5-year socio-economic development plan for 2021-2025," she added.
According to the national statistics office, State budget revenue in 2024 is estimated to increase by 16.2 percent compared to the previous year. State budget expenditure is expected to rise by 5.7 percent compared to 2023, ensuring sufficient funding for socio-economic development, national defense, security, State management, debt obligations, and timely payments to entitled groups as per regulations.
