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Shanghai GDP at 7.2%, possible upturn ahead
By Wang Yanlin |
July 23, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI'S economy expanded at an annualized 7.2 percent in the first six months, signaling a possible bottoming-out in the current economic downturn although it remained among the worst performers in the country.
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 today.
The pace in the second quarter turned out to be 7.4 percent, compared with the increase of 7 percent in the first three months.
"Shanghai's economy is stabilizing," said Yan Jun, chief economist at the bureau. "Thanks to acceleration in the output of the service sector, the city managed to keep growth relatively stable amid many uncertainties both at home and abroad."
During the January-June period, output of Shanghai's tertiary industry, or the service sector, jumped 10.3 percent from a year earlier to 576.6 billion yuan, equal to 60.4 percent of the total GDP.
In comparison, manufacturing only gained 3 percent to 374.4 billion yuan and the agricultural sector lost 3.2 percent to 4.2 billion yuan.
Service has become the biggest source of both strength and speed in Shanghai's economic growth, Yan said.
Despite of the improved performance, Shanghai remained among the worst performers among all China's provinces and municipalities.
Judging from the data of nearly 20 provinces and municipalities which have unveiled their first-half GDP, Shanghai and Beijing again reported the slowest growth, with the 7.2-percent pace being much weaker than the nation's average of 7.8 percent in the year to June.
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 today.
The pace in the second quarter turned out to be 7.4 percent, compared with the increase of 7 percent in the first three months.
"Shanghai's economy is stabilizing," said Yan Jun, chief economist at the bureau. "Thanks to acceleration in the output of the service sector, the city managed to keep growth relatively stable amid many uncertainties both at home and abroad."
During the January-June period, output of Shanghai's tertiary industry, or the service sector, jumped 10.3 percent from a year earlier to 576.6 billion yuan, equal to 60.4 percent of the total GDP.
In comparison, manufacturing only gained 3 percent to 374.4 billion yuan and the agricultural sector lost 3.2 percent to 4.2 billion yuan.
Service has become the biggest source of both strength and speed in Shanghai's economic growth, Yan said.
Despite of the improved performance, Shanghai remained among the worst performers among all China's provinces and municipalities.
Judging from the data of nearly 20 provinces and municipalities which have unveiled their first-half GDP, Shanghai and Beijing again reported the slowest growth, with the 7.2-percent pace being much weaker than the nation's average of 7.8 percent in the year to June.
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