Shanghai posts slowest quarterly expansion in GDP in 18 months
By Lu Nengneng and Wang Yanlin |
April 27, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI has posted the slowest quarterly economic growth in 18 months while continuing its economic transformation.
Shanghai's gross domestic product grew 7 percent year on year in the first quarter of 2012, also the slowest in China, to 459.4 billion yuan (US$73 billion). The growth was 1.5 percentage points lower than the same period of 2011 and the slowest pace since the fourth quarter of 2010, the Shanghai Statistics Bureau said.
The service sector accounted for 58.7 percent of Shanghai's total economic output. In the first three months, services rose 8.9 percent on an annual basis to 269.5 billion yuan. The pace was 1.9 percentage points higher than a year earlier. Manufacturing expanded 4.4 percent to 188 billion yuan.
Wholesale and retail was the fastest growing sector in Shanghai, soaring 12.7 percent to 81.6 billion yuan. The growth was up 1.3 percentage points from the previous year. The finance industry and the transport and warehousing sector gained at a slightly slower pace of 6.5 percent to notch output of 49.2 billion yuan and 21.1 billion yuan respectively.
Shanghai's property sector shrank 5.5 percent in the first quarter to 18.4 billion yuan as the housing market continued to cool on continued curbs on the market.
Li Maoyu, an analyst at Changjiang Securities Co, said that although Shanghai's growth rate is the slowest in China, what the city "needs to do is to beef up efforts on economic restructuring, and focus on its mission to become a global financial, shipping and trading center."
Shanghai's exports gained just 3.1 percent to US$47.2 billion in the first quarter from a year earlier, a sharp contrast with the 19.9 percent jump in the quarter a year ago.
Yan Jun, the bureau's chief economist, said the growth rate is tolerable due to the difficult external business environment.
"Shanghai's economy may bottom out in the following quarters because of better business conditions in overseas and domestic markets," Yan said.
Shanghai's gross domestic product grew 7 percent year on year in the first quarter of 2012, also the slowest in China, to 459.4 billion yuan (US$73 billion). The growth was 1.5 percentage points lower than the same period of 2011 and the slowest pace since the fourth quarter of 2010, the Shanghai Statistics Bureau said.
The service sector accounted for 58.7 percent of Shanghai's total economic output. In the first three months, services rose 8.9 percent on an annual basis to 269.5 billion yuan. The pace was 1.9 percentage points higher than a year earlier. Manufacturing expanded 4.4 percent to 188 billion yuan.
Wholesale and retail was the fastest growing sector in Shanghai, soaring 12.7 percent to 81.6 billion yuan. The growth was up 1.3 percentage points from the previous year. The finance industry and the transport and warehousing sector gained at a slightly slower pace of 6.5 percent to notch output of 49.2 billion yuan and 21.1 billion yuan respectively.
Shanghai's property sector shrank 5.5 percent in the first quarter to 18.4 billion yuan as the housing market continued to cool on continued curbs on the market.
Li Maoyu, an analyst at Changjiang Securities Co, said that although Shanghai's growth rate is the slowest in China, what the city "needs to do is to beef up efforts on economic restructuring, and focus on its mission to become a global financial, shipping and trading center."
Shanghai's exports gained just 3.1 percent to US$47.2 billion in the first quarter from a year earlier, a sharp contrast with the 19.9 percent jump in the quarter a year ago.
Yan Jun, the bureau's chief economist, said the growth rate is tolerable due to the difficult external business environment.
"Shanghai's economy may bottom out in the following quarters because of better business conditions in overseas and domestic markets," Yan said.
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