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Shanghai’s GDP better than expected in H1

SHANGHAI’S economy expanded 6.9 percent year-on-year in the first half of this year to 1.39 trillion yuan (US$205.6 billion), the Shanghai Statistics Bureau said today.

The pace was 0.2 percentage points faster than the same period of last year and the same as the national average.

“Shanghai’s economic conditions in the first half were generally stable and better than expected,” said Tang Huihao, deputy director of the bureau said during a briefing. “The recovery is stable, the progresses are deepened, and the good effects are taking shape.”

The value-added industrial output, an important contribution to GDP, rose 7.3 percent to 375.32 billion yuan in the first half, reversing a 4.4 percent decrease in the same period last year.

Industrial production, meanwhile, climbed to 1.6 trillion yuan during the six-month period, a year-on-year rise of 8.2 percent which is the highest gain since 2012, the bureau's data showed.

The city's services output rose 7 percent to 971.38 billion yuan in the first half, contributing to 69.9 percent of the local GDP. That compared with 70.7 percent in the first quarter.

Information technology, logistics, financial services recorded double-digit growth while output from real estate industry dropped 17.5 percent year-on-year.

Foreign trade in the first half jumped 18.7 percent from a year earlier to 1.55 trillion yuan amid improving external and domestic demand, reversing a 0.4 percent drop in the same period last year. In particular, export increased 12 percent and import surged 23.7 percent, the bureau said.


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