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China’s technology hub Shenzhen saw its GDP grow by 3% in the first half of 2022 from a year earlier, according to data released by the local government on Wednesday, compared to the 2.5% growth for the national GDP during the period and 2% GDP growth for Guangdong province where the city is located.
Shenzhen’s GDP grew by 2% on year in the first quarter, slowing sharply by 15.1 percentage points from the same period in 2021, due to the impacts of the Covid-19 outbreaks.
In the second quarter, Shenzhen’s GDP grew 6.64% on year, slowing by 2.24 percentage points from the same period in 2021, according to calculations based on the local official data.
Shenzhen’s economic indicators stabilized in the second quarter and the city will continue to coordinate epidemic controls and economic development to ensure economy operations within a reasonable range, said the statistics bureau.
Shenzhen’s industrial output grew 5.9% on year in the first half, showed the data. By sectors, output in the mining sector and the manufacturing sector grew by 12.9% and 6.1%, respectively, while output in the utilities sector declined by 3%.
In particular, output in the automobile manufacturing sector jumped 91.1% on year; oil and natural gas extraction sector rose 12.5%; special equipment manufacturing sector grew 10.6% and computer, telecommunication and other electronic equipment manufacturing sector grew by 3.7%.
New energy vehicle output in the city surged 174% in the first half after jumping 328% in the second half of 2021. Output of charging piles surged by 164% and 121%, respectively.
Shenzhen’s fixed-asset investment grew 14.7% on year in the first half, with investment in the manufacturing sector rising 45.9%, real estate investment up 10.5%.
The city’s retail sales rose 13% in June from a year earlier, marking the fastest pace in 2022, with auto consumption surging 36.2%, picking up by 32.3 percentage points from May.
In the first six months of the year, Shenzhen’s consumption reached 448.3 billion yuan, largely in line with that in the same period in 2021.
The pick up came after the local government introduced a series of measures including subsidies and coupons to boost consumption after retail sales fell 1.6% on year in the first quarter due to the impacts of Covid outbreaks.
Shenzhen’s total foreign trade reached 1.62 trillion yuan in the first half of the year, rising 1.4% from a year earlier, with exports up 7.1% and imports down 5.2%. Exports and imports fell 2.6% and 3.1% in the first quarter.
China’s technology hub Shenzhen saw its GDP grow by 3% in the first half of 2022 from a year earlier, according to data released by the local government on Wednesday, compared to the 2.5% growth for the national GDP during the period and 2% GDP growth for Guangdong province where the city is located.
Shenzhen’s GDP grew by 2% on year in the first quarter, slowing sharply by 15.1 percentage points from the same period in 2021, due to the impacts of the Covid-19 outbreaks.
In the second quarter, Shenzhen’s GDP grew 6.64% on year, slowing by 2.24 percentage points from the same period in 2021, according to calculations based on the local official data.
Shenzhen’s economic indicators stabilized in the second quarter and the city will continue to coordinate epidemic controls and economic development to ensure economy operations within a reasonable range, said the statistics bureau.
Shenzhen’s industrial output grew 5.9% on year in the first half, showed the data. By sectors, output in the mining sector and the manufacturing sector grew by 12.9% and 6.1%, respectively, while output in the utilities sector declined by 3%.
In particular, output in the automobile manufacturing sector jumped 91.1% on year; oil and natural gas extraction sector rose 12.5%; special equipment manufacturing sector grew 10.6% and computer, telecommunication and other electronic equipment manufacturing sector grew by 3.7%.
New energy vehicle output in the city surged 174% in the first half after jumping 328% in the second half of 2021. Output of charging piles surged by 164% and 121%, respectively.
Shenzhen’s fixed-asset investment grew 14.7% on year in the first half, with investment in the manufacturing sector rising 45.9%, real estate investment up 10.5%.
The city’s retail sales rose 13% in June from a year earlier, marking the fastest pace in 2022, with auto consumption surging 36.2%, picking up by 32.3 percentage points from May.
In the first six months of the year, Shenzhen’s consumption reached 448.3 billion yuan, largely in line with that in the same period in 2021.
The pick up came after the local government introduced a series of measures including subsidies and coupons to boost consumption after retail sales fell 1.6% on year in the first quarter due to the impacts of Covid outbreaks.
Shenzhen’s total foreign trade reached 1.62 trillion yuan in the first half of the year, rising 1.4% from a year earlier, with exports up 7.1% and imports down 5.2%. Exports and imports fell 2.6% and 3.1% in the first quarter.