Vietnam’s economy expanded at a steady pace in the first quarter, official data showed on Monday.

Gross domestic product grew 4.5 percent year-on-year in the first quarter, the same rate as seen in the fourth quarter.

The annual growth was largely driven by robust exports, which was up 22 percent. At the same time, imports advanced 26.3 percent.

The economy lost a little momentum in the first quarter due to a renewed virus outbreak, but with the latest wave quashed and most restrictions now lifted, the economy should bounce back strongly over the coming quarters, Gareth Leather, an economist at Capital Economics, said.

Data showed that consumer prices climbed at a faster pace of 1.16 percent in the first quarter from the same period last year.

The material has been provided by InstaForex Company – www.instaforex.com

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