(Bloomberg) — Vietnam’s economic growth unexpectedly accelerated last quarter, defying the impact of September’s devastating typhoon to farms and factory activity.
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Gross domestic product rose 7.4% in the three months ended September from a year earlier, the General Statistics Office said Sunday. That compares to a 6.1% median estimate in a Bloomberg survey and a revised 7.09% expansion in the second quarter.
The latest data underscores the resilience of Southeast Asia’s growth star, with exports and manufacturing enabling the country to overcome widespread disruptions in the aftermath of Typhoon Yagi. Economic damage from the storm was estimated at more than $3 billion.
The government has predicted a hit of 0.15 percentage point on this year’s GDP growth, with the impact seen continuing in the last quarter. Vietnam has set a 2024 growth target of as much as 7%, from about 5% last year.
Factory activity in the trade-reliant economy contracted for the first time in five months in September, reflecting the severity of the storm, according to an S&P Global purchasing managers’ index report on Oct. 1.
–With assistance from Clarissa Batino, Nguyen Xuan Quynh and Nguyen Kieu Giang.
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