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Spending downturn slows growth rate (14/04)
06/08/2010 - 8 Lượt xem
Statistic office trade department head Tran Thi Hang said the growth rate in the first three months of this year was lower than the corresponding period last year, which reached 30 per cent.
Hang said the growth rate of the index had been decreasing since June last year due to the consumer price index increase which slowed consumer spending.
The sectors most vulnerable to the crisis were trade and restaurants and hotels.
Purchasing power declines occurred mostly in the low-income group which buys 55 per cent of the total retail and service turnover, while the average income group kept its purchasing power.
Hang said the Government was helping the low-income group, mostly farmers which accounted for 70 per cent of the population, to get low-interest loans for consumption and business development purposes.
The economic stimulus policy, which includes the reorganisation of the retailing network to rural areas in a bid to minimise middleman costs, expects to increase the annual growth rate of retail and service revenue for the whole of 2009 to 20-23 per cent.
The statistics office said the CPI in March inched down 0.17 per cent after surging in the previous two months.
Over the first three months, the CPI rose 1.32 per cent from December.
Source: VietNamNet/Viet Nam News
