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Shanghai economy grows 7.5% last year
By Wang Yanlin |
January 21, 2013, Monday
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Online Edition
Online Edition
Shanghai's economy expanded 7.5 percent last year, slowing from an 8.2 percent growth in 2011 and weaker than the national average of 7.8 percent.
The slower growth was caused by weakening exports and faster economic restructuring, the Shanghai Statistics Bureau said today.
The city's gross domestic product totaled 2.01 trillion yuan (US$319 billion) last year, with the service industry output accelerating rapidly and for the first time reaching 60 percent of the total.
The service sector rose 10.6 percent year on year to 1.2 trillion yuan, while the manufacturing sector gained 3.1 percent to 791.3 billion yuan; the agricultural sector edged up 0.5 percent to 12.8 billion yuan.
The increasing output value of the service industry was led by the financial industry which surged 12.6 percent last year.
Meanwhile, the city's industrial production increased 2.9 percent to 644.6 billion yuan. Car manufacturing, one of Shanghai's six key industries, accelerated 7 percent. Pharmaceutical production expanded 7.9 percent. But fine steel and machinery manufacturing both fell due to a faster pace of economic restructuring.
Shanghai's retail sales rose 9 percent to 738.7 billion yuan last year, slower than 2011's jump of 12.3 percent.
Fixed-asset investment increased 3.7 percent to 525 billion yuan but investment in urban infrastructure dropped 9.8 percent.
Shanghai's trade lost 0.2 percent last year, with exports slipping 1.4 percent and imports gaining 1 percent. Exports to the European Union slumped the most, but shipments to the United States and Japan increased 3.6 percent and 4.1 percent respectively.
Consumer Price Index, the main gauge of inflation, swelled 2.8 percent last year, stabilizing from a jump of 5.2 percent in 2011.
The slower growth was caused by weakening exports and faster economic restructuring, the Shanghai Statistics Bureau said today.
The city's gross domestic product totaled 2.01 trillion yuan (US$319 billion) last year, with the service industry output accelerating rapidly and for the first time reaching 60 percent of the total.
The service sector rose 10.6 percent year on year to 1.2 trillion yuan, while the manufacturing sector gained 3.1 percent to 791.3 billion yuan; the agricultural sector edged up 0.5 percent to 12.8 billion yuan.
The increasing output value of the service industry was led by the financial industry which surged 12.6 percent last year.
Meanwhile, the city's industrial production increased 2.9 percent to 644.6 billion yuan. Car manufacturing, one of Shanghai's six key industries, accelerated 7 percent. Pharmaceutical production expanded 7.9 percent. But fine steel and machinery manufacturing both fell due to a faster pace of economic restructuring.
Shanghai's retail sales rose 9 percent to 738.7 billion yuan last year, slower than 2011's jump of 12.3 percent.
Fixed-asset investment increased 3.7 percent to 525 billion yuan but investment in urban infrastructure dropped 9.8 percent.
Shanghai's trade lost 0.2 percent last year, with exports slipping 1.4 percent and imports gaining 1 percent. Exports to the European Union slumped the most, but shipments to the United States and Japan increased 3.6 percent and 4.1 percent respectively.
Consumer Price Index, the main gauge of inflation, swelled 2.8 percent last year, stabilizing from a jump of 5.2 percent in 2011.
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