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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Vietnam economic growth slows to lowest rate since 1999: govt AFP - 41 minutes ago HANOI (AFP) - - Vietnam's economic growth slowed to the lowest rate in almost a decade in 2008 as the country was hit by rampant inflation and the global downturn, the communist government said Wednesday. The economy grew 6.2 percent, the lowest rate since 1999, the state-run General Statistics Office (GSO) said, a sharp drop from last year's 8.5 percent when Vietnam was hailed by many investors as Asia's next tiger economy. "It was a year of two crises for Vietnam -- first the inflation and then the global slowdown," said economist Jonathan Pincus, dean of the Fulbright Economics Teaching Programme in Ho Chi Minh City. "Given how difficult this year was, 6.2 percent is quite an achievement." As Vietnam's economy was overheating early this year, consumer prices rose rapidly, with double-digit inflation throughout 2008, but the rate has slowed in recent months to reach an annual rate of 23 percent, the GSO said. The trade deficit reached 17.5 billion dollars, the GSO said, revising figures it gave last week. Export earnings -- mainly from crude oil, textiles and commodities such as rice and coffee -- were up 29.5 percent to 62.9 billion dollars. But imports rose 28.3 percent year-on-year to 80.4 billion dollars, as costs of raw materials and construction materials surged. Industrial output reached 38.4 billion dollars, a year-on-year rise of 14.6 percent, but below the 2007 increase of 17.1 percent. The tourism sector was also hit as arrivals dropped off sharply mid-year. For 2008 as a whole, the number of international visitors increased by just 0.6 percent to 4.3 million, said the GSO. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy December consumer confidence drops to all-time lowAP - 22 minutes ago Vietnam economic growth slows to lowest rate since 1999: govtAFP - 41 minutes ago World stocks end wretched 2008 with modest rallyAFP - 53 minutes ago UBS sells 3.4 billion share stake in Bank of ChinaAP - 1 hour 11 minutes ago Related Articles: Business December consumer confidence drops to all-time lowAP - 22 minutes ago Iraq offers up giant oilfields to foreign firmsReuters - 24 minutes ago Gazprom calls for political intervention in gas rowReuters - 26 minutes ago China says approves issuance of 3G licencesReuters - 28 minutes ago Syndicate Bank to sell 1.5 bln rupees of perpetual bondsReuters - 29 minutes ago Enlarge Photo Vietnam economic growth slows to lowest rate since 1999: govt Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Japanese tourist spends 3 months in Mexico City airport Actress Jennifer Aniston appears naked in GQ magazine Two thousand and strange: offbeat stories of the year US throws $6bln lifeline to GMAC Defiant governor fills Obama's senate seat despite graft scandal View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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