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Double-digit growth
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HANGZHOU’S gross domestic product for the first three quarters was 778.07 billion yuan (US$116.13 billion), up 10 percent from a year earlier. The economy remained in the double-digit figures for six consecutive quarters, faster than the national average of 6.7 percent and the provincial average of 7.5 percent, according to official statistics.
The city’s service industry reported 475.19 billion yuan in added value, a year-on-year increase of 13.4 percent. The manufacturing industry achieved 281.54 billion yuan, up 5.4 percent while agriculture edged up 1.5 percent to 21.34 billion yuan.
The information sector, a key industry in the city’s economic restructuring, expanded 23.1 percent year-on-year to 186.58 billion yuan, and accounting for 24 percent of the city’s GDP.
Retail sales rose 10 percent to 369.5 billion yuan, online retail sales jumped 29.3 percent to 210.7 billion yuan, and online consumer spending expanded 30 percent to 92.63 billion.
From January to August, the city registered 59,100 new companies, 26.3 percent more than the same period of last year. The average income for urban and rural residents reached 42,225 yuan and 21,404 yuan, respectively, up 8 percent and 8.4 percent.
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