Shanghai’s GDP grew 9.7% on year in H1, real estate investment grew 37.5%
DATA MACRO
Shanghai’s GDP grew 9.7% on year in H1, real estate investment grew 37.5%
DATA MACRO

Shanghai’s GDP grew 9.7% on year in H1, real estate investment grew 37.5%

 

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China’s financial hub Shanghai saw its GDP grow by 9.7% year over year in the first half to reach 2.14 trillion yuan, said the local authority. The city was put in a strict lockdown in April to contain COVID outbreaks. 

In breakdown, the primary sector gravy 1.5% to 3.5 billion yuan, secondary sector rose 15.1% to 508.3 billion yuan and tertiary sector rose 8.2% to 1.63 trillion yuan, shows the data.

The output of the city’s strategic emerging industries reached 838.5 billion yuan in the first half, rising by 14.6% from a year earlier and in particular, output of new energy vehicle industry, new energy industry and high-end equipment industry surged by 69.8%, 57.8% and 33.1%, respectively.

China’s financial hub of Shanghai saw its fixed-asset investment grow by 37.2% year over year in the first half of 2023, according to the data released by the local authority on Thursday.

In breakdown, industrial investment grew by 34.3%, real estate development investment grew by 37.5% and city infrastructure investment grew by 21.5%, showed the data.

Shanghai’s new property sales, by floor area, reached 7.77 million square meters in the first half, rising by 21.8% from a year earlier, and of that, new residential property sales grew by 20.2%, according to the data.