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Shenzhen Achieves 8.8% Economic Growth in H1, with GDP Reaching RMB970.9 billion

  Shenzhen's economic growth in the first half was 8.8 percent

  The city's total GDP reached RMB970.9 billion; the main economic indicators were better than expected and will continue to steadily improve

  On July 26, the Shenzhen Municipal Bureau of Statistic¨s official website released Shenzhen's economic "performance" report for the first half of the year and the bureau said the main economic indicators were better than expected and will continue to steadily improve. With preliminary accounting verified by the Guangdong Provincial Bureau of Statistics, the city¨s first half GDP was RMB970.902 billion, which, calculated at comparable prices, marked an increase of 8.8% over the same period last year, and an increase over the first quarter and the same period last year of 0.2 percentage points. It was also higher than the national and the province averages by 1.9 and 1.0 percentage points, respectively.

  Added value of the financial sector reached RMB148.959 billion, an increase of 12.1%

  With preliminary accounting verified by the Guangdong Provincial Bureau of Statistics, the city¨s first half GDP was RMB970.902 billion, which, calculated at comparable prices, marked an increase of 8.8% over the same period last year (year-on-year comparisons hereinafter unless otherwise stated), and an increase over the first quarter and the same period last year of 0.2 percentage points. It was also higher than the national and the province averages by 1.9 and 1.0 percentage points, respectively.

  Looking at industrial sectors, the added value of primary industries was RMB424 million, up by 21 percent; the added value of secondary industries was RMB374.345 billion, an increase of 7.4 percent; the added value of tertiary industries was RMB596.133 billion, an expansion of 9.7 percent.

  The secondary and tertiary industrial structure was adjusted to 38.6:61.4 from 39:61 in the same period of last year, and the proportion of GDP accounted for by the three sectors increased by 0.4 percentage points year-on-year. In the tertiary industry, the added value of wholesale and retail trade was RMB96.914 billion, an increase of 4.9 percent; the added value of the hotel and F&B industry was RMB15.964 billion, down by 0.7 percent; the added value of transportation, warehousing and postal services was RMB28.738 billion, marking a gain of 6.5 percent; the added value of the financial industry was RMB148.959 billion, up by 12.1 percent. The added value of the real estate industry was RMB92.466 billion, a decline of 1.4 percent.

 

  Added value growth of industries above a designated size was 0.9 percentage points higher than the national figure

  In the first half of the year, the industrial added value of industries above a designated size for the whole city (year-on-year comparisons hereinafter unless otherwise stated) was RMB359.63 billion, up by 7.8 percent, an increase of 0.2 percentage points from the first quarter growth rate. This was the highest growth rate since the beginning of this year and 0.3 percentage points higher than the rate in the same period last year, flat with 2015 and the largest overall value since 2014 over the same period. This was also higher than the national and the provincial figures by 0.9 and 0.6 percentage points, respectively. Among them, the joint-stock enterprises increased by 9.1 percent, while investment by foreign and Hong Kong, Macao and Taiwan enterprises increased by 5.3 percent.

  Of the top ten industries, eight are growing. The added value of the top ten industries was RMB309.42 billion, accounting for 86.0 percent of the added value for industries above a designated size. Except for declines in the oil and natural gas exploration and production and metal products industries, the other eight industrial sectors have achieved varying degrees of growth, especially the top three major industries: computer and other electronic equipment manufacturing industry increased by 8.6 percent; electrical machinery and equipment manufacturers increased by 9.1 percent; and specialized equipment makers increased by 17.4 percent.

                   Fixed asset investment growth of over 30%

  In the first half of the year, the city's fixed asset investment was RMB207.16 billion, an increase of 30.6 percent, which was 6.3 percentage points higher than the rate in the first quarter and the same period last year, while also 22.0 percentage points more than the national figure.

  Infrastructure and non-real estate development investment grew rapidly. Infrastructure investment totaled RMB46.067 billion, an increase of 45.5 percent; the construction installation project investment was RMB127.067 billion, a rise of 23.4 percent. Real estate development investment reached RMB94.519 billion, an increase of 25.3 percent; non-real estate development investment reached RMB112.641 billion, an increase of 35.4 percent

  Industrial investment and investment in industrial technology transformation have been kept at high level. Industrial investment was RMB32.025 billion, an increase of 54.8 percent, of which industrial technology transformation investment was RMB14.0 billion, an increase of 151.5 percent; tertiary industry investment was RMB175.285 billion, an increase of 27.1 percent.

  The growth rate of private investment was higher than that of the whole country. Private investment reached RMB107.49 billion, an increase of 23.5 percent, which was 16.3 percentage points higher than the national figure, accounting for 51.9 percent of the total investment in fixed assets.

                   The consumer market continues to pick up

  In the first half of the year, the city's total retail sales of consumer goods were RMB277.391 billion, an increase of 9.4 percent, which was 0.3 percentage points higher than in the first quarter. It was also the highest for this period since 2013 and the biggest increase this year, and an increase of 1.3 percentage points over the same period last year. Wholesale and retail sales were RMB247.334 billion, an increase of 9.7 percent; hotel and F&B sales were RMB30.058 billion, an increase of 7.1 percent.

  Eight of the top ten commodity sales categories saw positive growth. In the first half, the city's product sales were RMB1.413374 trillion, an increase of 13.1 percent, and 10.3 percentage points higher than the previous period.

        Growth momentum of service industries above a designated size is good

  According to the survey, the city's service industries above a designated size (excluding financial, real estate development, wholesale, retail, hotels and F&B and other industries) achieved operating income of RMB333.78 billion in the second quarter, an increase of 17.5 percent, and the highest in the province.

  The industry-leading role was strengthened. The three leading industries C transportation, warehousing and postal services, information transmission software and information technology services, and leasing and business services -- maintained steady and rapid growth. Their respective operating incomes were RMB85.21 billion, RMB127.03 billion and RMB56.8 billion, an increase of 19.1 percent, 26.6 percent and 11.1 percent. These results pulled total operating income growth in service industries of above a designated size by 16.2 percentage points and total profits to RMB81.17 billion, accounting for more than 90 percent of the service sector.

                    Import and export growth has rebounded

  According to customs statistics, the city's total imports and exports in the first half were RMB1.232532 trillion, an increase of 5.3 percent, but 2.1 percentage points lower than the growth rate in the first quarter. However, it was 1.0 percentage points higher than the rate between January and May, up 6.8 percentage points over the same period last year, and the fastest growth this year. Total export volume was RMB744.848 billion, an increase of 6.1 percent, and 0.9 percentage points higher than the January-to-May figure, and an increase of 7.4 percentage points over the same period last year; total imports were RMB487.683 billion, an increase of 4.0 percent, and 1.1 percentage points higher than January-to-May, and an increase of 5.7 percentage points over the same period last year.

                 General public budget revenue grew steadily

  In the first half of the year, the city's general public budget revenue reached RMB184.575 billion, an adjusted increase of 12.3 percent, which was 1.4 percentage points higher than the first quarter, and 5.2 percent in unadjusted growth, which was 2.4 percentage points higher than the first quarter; general public budget expenditure was RMB239.53 billion, an increase of 60.3 percent, but down 110.8 percentage points from the first quarter.

  



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