Figures show Shanghai's GDP, economy growing

SHANGHAI, Oct. 29, 2024 /PRNewswire/ -- A news report from english.shanghai.gov.cn

Along with the steadily growing production demand and constantly optimized industrial transformation and upgrade, Shanghai reported that its gross domestic product, or GDP, for the first-three-quarters of the year, grew by 4.7 percent to reach 3.44 trillion yuan ($482 billion), according to official sources.

Shanghai's economy performed steadily in the first nine months, with key indicators improving and people's livelihoods getting better, according to data published by the official WeChat account of Shanghai Municipal Statistics Bureau on Oct 23.

According to the local statistics bureau, in the first three quarters of the year, the added value of primary industry rose 5.5 percent to reach 6.1 billion yuan, while that of the secondary industry went up 1.2 percent to 803.3 billion yuan, and that of the tertiary industry increased 5.8 percent to reach 2.6 trillion yuan.

During the same period, the city's industrial added value of designated size enterprises, those with annual revenue of 20 million yuan or above, grew 1.3 percent year-on-year, up 0.3 percentage point from that of the first half.

From January to September, total industrial output of Shanghai's three leading industries grew 8.6 percent year-on-year on average. Among all, the output of integrated circuits surged 20.8 percent, that of artificial intelligence rose 3.2 percent and that of biomedicine kept flat.

During the same period, Shanghai's fixed-asset investment rose 6.7 percent year-on-year, with industrial investment growing 10.9 percent and real estate development investment gaining 7.8 percent. Sales of new commercial housing by gross floor area decreased 5.9 percent year-on-year.

In the first three quarters, the city's total retail sales of consumer goods shrank by 3.4 percent year on year, to reach 1.33 trillion yuan.

The consumer price index has been generally stable compared to a year ago. In the meantime, Shanghai's per-capita disposable income grew 4.2 percent year on year to 66,341 yuan during the same period.