City GDP increases 7.2% in Q2

By Wang Yanlin | July 18, 2014, Friday |

Online Edition

Shanghai's gross domestic product expanded 7.2 percent from a year earlier in the second quarter, picking up from the 7 percent pace in the first three months, the Shanghai Statistics Bureau said today.

The economic output amounted to 1.09 trillion yuan (US$177 billion) in the first half, up 7.1 percent on an annual basis.

"Shanghai's growth is advancing amid stabilization," said Yan Jun, chief economist at the bureau.

Service sector production grew 7.8 percent during the January-June period, accounting for 62.7 percent of total economic output, while manufacturing gained 6 percent and agriculture added 3 percent.

In the first half, industrial production rose 6.3 percent to 356.1 billion yuan, 1.5 percentage points faster than a year earlier. Retail sales accelerated 7.6 percent to 418.4 billion yuan and fixed-asset investment grew 3.8 percent to 240.3 billion yuan.

Shanghai's trade gained 8.2 percent to US$223.7 billion in the first six months, with exports rising 3.7 percent and imports jumping 12.2 percent.

Foreign direct investment surged 10.9 percent to US$9.2 billion during the period, much faster than the national average increase of 2.2 percent.

The Consumer Price Index, the main gauge of inflation, edged up 2.6 percent, lower than the government target of 3.5 percent for this year.

Fiscal income surged 16.5 percent to 273.1 billion yuan in the first six months, while fiscal spending rose 13 percent to 227.8 billion yuan, according to the bureau.

Economy

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City GDP increases 7.2% in Q2

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