Shenzhen's GDP grows 5.9% to hit 1.73 trillion yuan

Shenzhen’s gross domestic product (GDP) grew 5.9% year on year to 1.73 trillion yuan (US$237.9 billion) trillion yuan in the first half of the year, data from Shenzhen Statistics Bureau showed Friday.

This shows that Shenzhen’s overall economy has made new progress in achieving high-quality development with stable economic operation. 

Among the city's major industry categories, the added value of industrial firms above designated size, referring to firms with annual main business revenue of 20 million yuan or more, in computer, communication, and other electronic equipment manufacturing sectors expanded 17% from a year ago. 

Production of major high-tech products in Shenzhen continued to grow rapidly from January to June, with output increasing 83.3% for 3D printing equipment, 37.6% for service robots, and 29.1% for electronic components, during the period. 

In the fist half, total fixed asset investment in the city increased 8.9% year on year, while industrial investment showed strong momentum, growing 49.2%. 

In specific sectors, manufacturing investment played a significant role, increasing 55.5% year on year. Investment in high-tech industries was active, increasing 69.3% from a year ago. Investment in electronic and communication equipment manufacturing grew 79.0%. Social sectors grew rapidly, with investment in residential services, repair, and other services increasing 235.5%, and education investment growing 24.8%.

Shenzhen's total retail sales of consumer goods edged up 1% from a year ago to 507.2 billion yuan. Retail sales increased 1%, while catering revenue increased 1.3%. Sales of basic necessities were strong, with retail sales of grain and oil products and beverages from designated units increasing 12.6% and 2.4%, respectively. 

In the fist half, Shenzhen's foreign trade surged to 2.2 trillion yuan, a year-on-year increase of 31.7%. Exports jumped 34.9% compared with the same period a year ago to 1.4 trillion yuan, while imports came in at 792.4 billion yuan, an increase of 26.5%. 

General trade increased 46.5%, accounting for 58.4% of the total trade, an increase of 5.9 percentage points compared with the same period last year.