City GDP rises 7.2% as economy stabilizes
By Wang Yanlin |
July 24, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S economy grew at an annualized 7.2 percent in the first six months, signaling a possible bottoming out of the current economic downturn, although it remained among the country's worst performers.
The city's gross domestic product grew to 955.2 billion yuan (US$151.6 billion) in the first half, the Shanghai Statistics Bureau said yesterday. The pace in the second quarter was 7.3 percent, compared to 7 percent in the first three months.
"Shanghai's economy is stabilizing," said Yan Jun, chief economist at the bureau. "Thanks to acceleration in service sector output, the city managed to keep growth relatively stable amid many uncertainties both at home and abroad."
In January-June, the service sector output jumped 10.3 percent from a year earlier to 576.6 billion yuan, equal to 60.4 percent of GDP.
In comparison, manufacturing gained just 3 percent to 374.4 billion yuan and agriculture lost 3.2 percent to 4.2 billion yuan.
The Pudong New Area reported economic growth of 8.8 percent in the first half thanks to its service sector strength.
Compared to the 20 provinces and municipalities which have unveiled their first-half GDP, Shanghai and Beijing again reported the slowest growth, with their 7.2 percent pace compared to the nation's 7.8 percent average.
Information technology industry output rose 18 percent from a year earlier in the first half, while the retail and financial industries grew 12.1 percent and 9.8 percent, respectively.
Industrial output in the first six months edged down 0.4 percent year on year to 1.53 trillion yuan, with the value of exports falling 5.1 percent.
The Consumer Price Index, the main gauge of inflation, increased 3.6 percent on an annual basis in the first half, with June's reading at 2.4 percent.
The Producer Price Index fell 4.1 percent in January-June, and dropped for a sixth month in June by 6 percent.
In the first half, Shanghai urban residents' disposable income rose 12.5 percent to 20,689 yuan, and that of rural dwellers at 10,510 yuan was up 12.2 percent from a year earlier.
The city's fiscal revenue expanded 6.8 percent in the first six months to 215.8 billion yuan, and its spending was 194.5 billion yuan, an increase of 15.7 percent on an annual basis.
The city's gross domestic product grew to 955.2 billion yuan (US$151.6 billion) in the first half, the Shanghai Statistics Bureau said yesterday. The pace in the second quarter was 7.3 percent, compared to 7 percent in the first three months.
"Shanghai's economy is stabilizing," said Yan Jun, chief economist at the bureau. "Thanks to acceleration in service sector output, the city managed to keep growth relatively stable amid many uncertainties both at home and abroad."
In January-June, the service sector output jumped 10.3 percent from a year earlier to 576.6 billion yuan, equal to 60.4 percent of GDP.
In comparison, manufacturing gained just 3 percent to 374.4 billion yuan and agriculture lost 3.2 percent to 4.2 billion yuan.
The Pudong New Area reported economic growth of 8.8 percent in the first half thanks to its service sector strength.
Compared to the 20 provinces and municipalities which have unveiled their first-half GDP, Shanghai and Beijing again reported the slowest growth, with their 7.2 percent pace compared to the nation's 7.8 percent average.
Information technology industry output rose 18 percent from a year earlier in the first half, while the retail and financial industries grew 12.1 percent and 9.8 percent, respectively.
Industrial output in the first six months edged down 0.4 percent year on year to 1.53 trillion yuan, with the value of exports falling 5.1 percent.
The Consumer Price Index, the main gauge of inflation, increased 3.6 percent on an annual basis in the first half, with June's reading at 2.4 percent.
The Producer Price Index fell 4.1 percent in January-June, and dropped for a sixth month in June by 6 percent.
In the first half, Shanghai urban residents' disposable income rose 12.5 percent to 20,689 yuan, and that of rural dwellers at 10,510 yuan was up 12.2 percent from a year earlier.
The city's fiscal revenue expanded 6.8 percent in the first six months to 215.8 billion yuan, and its spending was 194.5 billion yuan, an increase of 15.7 percent on an annual basis.
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