Shanghai GDP Rises 5.5% in First 3 Quarters on New Growth Drivers

Shanghai's economy expanded 5.5 percent year on year in the first three quarters, 0.6 percentage points faster than its growth in the first half, the Shanghai Statistics Bureau said on Thursday.

The gross domestic product amounted to 4.3 trillion yuan (US$648 billion) during the period, featuring a shift toward new growth drivers and an improved structure as production and supply expanded steadily, emerging industries grew stronger, while employment and prices remained generally stable.

By industry, the city's services sector advanced 5.7 percent to 3.4 trillion yuan, manufacturing gained 4.6 percent to 886 billion yuan, and agricultural sector was up 1.7 percent to 6.4 billion yuan.

To break down the data, industrial production in Shanghai rose 5.5 percent in the first three quarters, led by integrated circuits, artificial intelligence and new-energy vehicles with 23.4 percent, 24.8 percent and 26.7 percent gains, respectively.

Fixed asset investment grew by 4.3 percent year on year with industrial investment jumping 21.9 percent and investment in high-tech industries surging 30.6 percent.

Retail sales of consumer goods reached 1.2 trillion yuan, a year-on-year decrease of 1.1 percent. Excluding automobile sales, retail sales of consumer goods still increased 1 percent.

Trade of goods stood at 3.94 trillion yuan, a rise of 17.9 percent, with exports growing 22.3 percent and imports up 14.4 percent. Exports of high-tech products surged 33 percent, accounting for 28.7 percent of total goods exports.

Shanghai's Consumer Price Index rose 1 percent year on year in the first three quarters, while Producer Price Index added 0.9 percent, indicating tamed inflation pressures.

Per-capita disposable income of Shanghai residents reached 72,175 yuan, growing 4.3 percent, 0.1 percentage points faster than in the first half of the year.

Overall, Shanghai's economic development advanced toward new drivers and better structure. Going forward, the city will strive to boost consumption, stabilize effective investment, stimulate growth drivers in a targeted manner, and sustain high-quality economic development, the bureau said.