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Local industry posts 12.5% output increase in Q1
By Wang Yanlin |
April 25, 2011, Monday
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SHANGHAI'S industrial production grew 12.5 percent year-on-year in the first quarter, bolstered by fast expansion in machinery equipment and vehicles, the Shanghai Statistics Bureau said today.
The first-quarter output reached 733.2 billion yuan (US$112.4 billion) with the pace in March alone settling at 12.4 percent.
"Improved exports contributed to the steady performance of Shanghai's manufacturing sector," said Wang Zehua, an analyst at the bureau. "With the city's intensified efforts to upgrade economic structure, most key industries delivered better performance."
"But rising price of raw materials exerted heavy pressure over manufacturers and led to output decline in a few sectors such as refinery and steel," Wang added.
The six key industries in Shanghai, namely IT, automobile, refined oil, fine steel, machinery equipment and biomedicine, reported a combined output of 487.8 billion yuan through March, up 12.1 percent from a year earlier.
Among them, the automobile industry posted a 22.5 percent jump year-on-year to 96.6 billion yuan while machinery output swelled 23 percent to 81.6 billion yuan.
Fast growth in machinery equipment was mainly boosted by more external demand, with the city's export surging 35.9 percent in March.
Fine steel was among the industries that reported less production. It shed 2.3 percent on an annual basis to 45.3 billion yuan, while refined oil output only increased 6.6 percent to 93.4 billion yuan.
The first-quarter output reached 733.2 billion yuan (US$112.4 billion) with the pace in March alone settling at 12.4 percent.
"Improved exports contributed to the steady performance of Shanghai's manufacturing sector," said Wang Zehua, an analyst at the bureau. "With the city's intensified efforts to upgrade economic structure, most key industries delivered better performance."
"But rising price of raw materials exerted heavy pressure over manufacturers and led to output decline in a few sectors such as refinery and steel," Wang added.
The six key industries in Shanghai, namely IT, automobile, refined oil, fine steel, machinery equipment and biomedicine, reported a combined output of 487.8 billion yuan through March, up 12.1 percent from a year earlier.
Among them, the automobile industry posted a 22.5 percent jump year-on-year to 96.6 billion yuan while machinery output swelled 23 percent to 81.6 billion yuan.
Fast growth in machinery equipment was mainly boosted by more external demand, with the city's export surging 35.9 percent in March.
Fine steel was among the industries that reported less production. It shed 2.3 percent on an annual basis to 45.3 billion yuan, while refined oil output only increased 6.6 percent to 93.4 billion yuan.
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