In 2020, in the context of a serious decline in the world economy, the national economy in general and Quang Nam province in particular will be heavily affected by the Covid-19 epidemic; Besides African swine fever, complicated rainy weather condition. In addition, African swine fever, complicated rainy weather conditions, storms ... have directly affected the economic growth of the province.
According to the data announced by the General Statistics Office, the total product in the province is estimated to reach 93%. There are only 11/14 targets have been meet and exceeded the plan.
The Gross Local Product (GRDP) is estimated to decline by nearly 7% in 2020 compared to 2019, the first time Quang Nam's economy has had negative growth since its re-establishment (1997).
Quang Nam's economic size is estimated at over 94 trillion VND by the end of 2020, a narrower of 4.8 trillion VND compared to 2019. In which, the scale of the service sector is the most narrowed with more than 2 , 4 trillion dong; product tax minus product subsidies (-1.9 trillion dong); industry - construction sector (-1.6 trillion dong); only the agriculture, forestry and fishery sector tended to increase (+1.1 trillion VND) due to less exposure to the Covid-19 epidemic.
In 2020, agriculture, forestry and fishery sector accounts for 14.5%; industry - construction accounts for 33.2%; the service sector accounted for 34.3%; Product tax minus product subsidies accounts for 18% (respectively in 2019: 12.7%; 33.2%; 35%; 19.1%).
Quang Nam's economy in 2020 is faced with difficulties because the key economic sectors, the main contributors to growth, have been greatly affected by the Covid-19 epidemic. This is also the common situation of most localities across the country. Compared to 5 provinces and cities in the central key economic region, Quang Nam has the 2nd lowest growth rate compared to other provinces in the region, Da Nang city has the lowest growth rate (-9.8% ); Quang Ngai (-1.02%); Thua Thien Hue (+ 2.1%); Binh Dinh (+ 3.6%). Regarding the GRDP scale, Quang Nam ranks second after Da Nang, specifically: the scale of GRDP Quang Nam is 1.7 times higher than that of Thua Thien Hue (54.8 trillion VND); 1.1 times higher than Quang Ngai (87 trillion dong); nearly 1.1 times higher than Binh Dinh (90 trillion dong); nearly 6 trillion dong lower than Da Nang city (Da Nang: 100 trillion dong).
Agricultural, forestry and fishery production activities take place in the weather conditions of drought, storms, and floods that continuously occur, affecting crops and production of aquatic products. However, agricultural, forestry and fishery production was less affected by the Covid-19 epidemic. Growth of the whole region reached 3.5%, higher than the growth rate of 1.8% in 2019; of which agricultural value added (VA) increased by 2.3%; VA forestry (+ 6.8%); Fishery VA (+ 4%) compared to the previous year.
The industrial sector was heavily influenced by the Covid-19 epidemic because raw materials, accessories, spare parts, and input equipment serving the production process are facing difficulties due to the lack of goods flow.
Generally from the beginning of 2020 up to now, 1,255 newly registered enterprises with registered capital of 9,023 billion VND, equal to 87% of newly registered enterprises and registered capital only approximately 51% over the same period last year. The number of dissolved enterprises was 295 (-38.5%); notice of shutdown 531 enterprises (+ 37%) compared with the same period last year. Granted operation registration certificates to 97 branches and 18 representative offices (equal to 72% over the same period last year).
The total retail sales of consumer goods and services in 2020 is estimated at over 47 trillion VND, equaling 88% compared to 2019. The implementation of domestic budget revenues and expenditures