DNVN - The reason why the city's economic growth rate tends to slow down in the first quarter of 2024 is because industrial production has not fully recovered, the real estate market is sluggish, and the investment and construction sector does not have many bright spots...
According to the report of the Da Nang Statistics Office, the economic growth rate of this city in the first quarter of 2024 tends to slow down. Da Nang is one of 6 localities nationwide with a negative GRDP growth rate in the first 3 months of this year.
According to the Da Nang Statistics Office, the reason why the city's economic growth rate tends to slow down in the first quarter of 2024 is because some large-scale industries continue to face difficulties: industrial production has not fully recovered, the real estate market is sluggish, and the investment and construction sector does not have many bright spots...
Tourism continues to be the pillar that helps Da Nang's economy stand firm in the first quarter of 2024.
“In general, the growth of gross regional domestic product (GRDP) in the first quarter of 2023 is estimated at 99.17% compared to the same period in 2023. Da Nang City is also one of 6 localities nationwide with a negative GRDP growth rate in the first 3 months of this year,” said a report by the Da Nang Statistics Office.
Among the provinces and cities in the Central Key Economic Region, Da Nang and Quang Nam are two localities with GRDP scale (at comparable prices) lower than the same period (Da Nang's GRDP growth rate in the first quarter of 2024 reached 99.17%; Quang Nam reached 96.94% of the same period in 2023).
In that context, the Da Nang Statistics Office said that stable consumption among the people and the positive growth of the tourism sector are the main pillars helping Da Nang's economy stand firm in the first quarter of 2024. The scale of the city's economy in the first quarter of 2024 (current prices) is estimated at more than 33,344 billion VND, an expansion of 1,750 billion VND compared to the same period in 2023.
Of which, the added value (VA) of the service sector increased by VND1,759 billion; the agriculture, forestry and fishery sector by nearly VND12 billion; the industry and construction sector alone shrank by VND135 billion compared to the same period last year.
Regarding the structure of Da Nang's economic scale, the proportion of agriculture, forestry and fishery continued to decrease from 1.53% in the first quarter of 2023 to 1.49% in the first quarter of 2024; the industrial and construction sectors also had a similar trend, from 17.83% to 16.49%.
In contrast, the service sector continued to expand from 70.21% in the first quarter of 2023 to nearly 72% in the first quarter of 2024; product tax from 10.42% to 10.22%. "Thus, the city's economic structure in the first quarter of 2024 continued to maintain the trend of expanding the service sector and narrowing the remaining sectors," the Da Nang Statistics Office commented.
Hai Chau
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