Vietnam on Thursday reported faster economic growth in the second quarter, driven by the services sector, despite a slump in trade that analysts say could signal a slowdown ahead.
Vietnam, a regional manufacturing hub, has been trying to prop up its economy amid slowing global demand, with the central bank cutting its policy rates four times so far this year and lawmakers extending aGross domestic product in the second quarter grew 4.14% from a year earlier, faster than the 3.28% expansion in the first quarter, the General Statistics Office said in a report. First quarter growth was revised down from 3.32%.
But exports in the second quarter fell 14.2% from a year earlier due to weak global demand, the agency said, adding that imports fell 22.3%. Capital Economics on Thursday revised down its forecast for Vietnam's GDP growth to 4.5% for this year, from 5.0%.
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