Growth in services moderated along with slower growth in wholesale and retail trade, and in finance and insurance. The GDP growth forecast for 2015 has been trimmed to 2 per cent from 2.1 per cent in the Update. In 2016, manufacturing will continue to drag on growth, and the GDP growth forecast has been downgraded to 2.3 per cent from 2.5 per cent in the Update.
The economic outlook for South Asia remains stable, according to the Asian Development Bank's Asian Development Outlook 2015 Update. GDP growth across#
In Vietnam, the first three quarters of 2015 saw GDP growth accelerate to 6.5 per cent, the fastest growth rate in the past 5 years. Growth was driven by industry and construction, which contributed nearly half of the total. Export-oriented manufacturing output and continuing high foreign direct investment provided further boosts. Services grew by 6.2 per cent, while agriculture recorded more modest growth at 2.1 per cent. On the demand side, available data for the first half of 2015 show domestic demand continuing to serve as the main driver of growth.
With economic recovery gaining traction in 2015, rising interest in the country as a destination for foreign direct investment, and recent progress on major trade deals, growth forecasts for Vietnam has been maintained at 6.5 per cent in 2015 and 6.6 per cent in 2016. (SH)
ALCHEMPro News Desk - India
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