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Shanghai's economy off to a good start with 5% GDP growth in Q1

SHANGHAI, April 24, 2024 /PRNewswire/ -- A news report from english.shanghai.gov.cn:

Shanghai's economy has had a solid start in 2024, with its gross regional product (GDP) reaching approximately 1.11 trillion yuan ($151.82 billion) in the first quarter of this year, marking a 5 percent year-on-year increase, as announced by local statistics authorities on April 19.

This growth was underpinned by robust performances across key sectors. The primary industry saw a 10.9 percent year-on-year increase, the secondary industry experienced a 2.2 percent increase, and the tertiary industry witnessed a 5.8 percent rise.

The city's industrial sector exhibited a 1.9 percent year-on-year increase in added value, with notable growth in high-tech product-related industries.

The service industry also experienced rapid growth during the three-month period, registering a 5.8 percent year-on-year increase in added value, reflecting the city's diverse economic expansion.

During the same period, Shanghai's fixed-asset investment surged by 9.2 percent. The city saw a marginal 0.1 percent year-on-year increase in total retail sales of consumer goods, reaching approximately 461.44 billion yuan. Additionally, its financial market turnover amounted to 866.13 trillion yuan, marking a 15.6 percent yearly uptick.

Looking ahead, Shanghai's GDP is expected to grow by about 5 percent this year, building upon the momentum from last year when it reached 4.72 trillion yuan, announced Gong Zheng, mayor of Shanghai, on Jan 23.

Key highlights:


SOURCE english.shanghai.gov.cn

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