Vietnamese GDP growth off 6.97pc in 4th quarter as demand falls
VIETNAM's GDP growth slowed in the fourth quarter as global demand weakened in the wake of the US-China trade war, Bloomberg reports
VIETNAM's GDP growth slowed in the fourth quarter as global demand weakened in the wake of the US-China trade war, Bloomberg reports.
GDP rose 6.97 per cent in the fourth quarter compared to a year earlier, down from a revised 7.48 per cent in the third quarter, the General Statistics Office said. That compared to the median estimate of 6.9 per cent in a Bloomberg survey of six economists.
For the full year, the economy expanded 7.02 per cent, beating the government's 6.8 per cent target.
Growth may slow early in the New Year, given the strong readings in 2019, said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore.
'We're coming from a higher base so it will be difficult' for Vietnam to keep up this pace, he said. 'The real questions are around what 2020 will mean for Vietnam if US-China trade relations stabilise.'
Exports for December rose 10.1 per cent compared to a year earlier, while imports climbed 11 per cent. For the full year, exports increased 8.1 per cent and imports gained seven per cent.
Compared to the third quarter, exports contracted 4.6 per cent in the fourth quarter, dragging down the quarter's GDP figure, according to the General Statistics Office.