Shanghai’s Q1 GDP grows slower at 6.6%
Print Edition
SHANGHAI’S gross domestic product grew 6.6 percent from a year earlier in the first quarter, slower than the 7 percent nationally during the same period, the Shanghai Statistics Bureau said yesterday.
The city’s growth was also 0.4 percentage points slower than its expansion last year, the bureau added.
The growth translated into an economic output of 581.6 billion yuan (US$94 billion) in the first three months, with the service sector producing 67 percent of the total output, up from last year’s 64.8 percent.
Finance, part of the service sector, has become a major industry to propel the city’s growth, the bureau said. The output from various financial services and products jumped 28.7 percent in the first quarter, contributing 58.7 percent to the city’s economic growth.
The manufacturing sector edged up 1.6 percent during the period, contributing 5.4 percent to the city’s GDP growth, sharply down from 21.8 percent a year earlier.
“Shanghai is under deep industrial restructuring,” said Lian Ping, chief economist at the Bank of Communications.
Shanghai will accelerate the construction of the pilot free trade zone this year to deepen reforms and sustain the city’s economic growth, Party Secretary Han Zheng said earlier.
It is part of measures taken to adjust the city to a “new normal” of stable economic growth, as well as accelerating industrial restructuring process, Han said.
Shanghai’s GDP grew 7 percent last year, slowing from 7.7 percent in 2013. The city government did not set a target for GDP growth this year.
The bureau also said Shanghai’s retail sales rose 7.8 percent in the first three months, slower than last year’s 8.7 percent.
Fixed-asset investment gained 3.2 percent during the period, slower than last year’s 6.5 percent growth. Although capital flowing into the property sector jumped 13.4 percent, investment in urban infrastructure construction fell 13.5 percent.
Trade declined 1.6 percent to 286.1 billion yuan, but an improvement from the 2 percent retreat last year.
The Consumer Price Index, the main gauge of inflation, rose 2.3 percent in the January-March period, 0.4 percentage points below the figure for the same quarter in 2014.
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