Shenzhen's GDP hits ￥3.87T in 2025, up 5.5%

Shenzhen’s economy grew steadily in 2025, with its gross domestic product (GDP) reaching 3.873 trillion yuan (US$557.32 billion), up 5.5% year-on-year in constant prices, according to figures released Tuesday by the Shenzhen Municipal Statistics Bureau.

The data, based on the unified GDP accounting results from Guangdong Province, highlights a year of “qualitative improvement and reasonable quantitative growth,” with the city’s innovation-driven industries expanding and its core competitiveness continuing to rise.

Services sector leads growth, manufacturing shows strength

Breaking it down by sector, Shenzhen’s tertiary (services) industry was the largest contributor, with value-added output reaching 2.42 trillion yuan, a 6.3% increase from the previous year. The secondary (industrial) sector rose 4.1% to 1.45 trillion yuan, while the primary (agriculture) sector contracted 4.5% to 28.04 billion yuan.

The city’s industrial output remained solid, with value-added growth among large-scale industrial enterprises up 5.4% over 2024. Manufacturing alone rose 5.9%, driven by a 13.9% surge in general equipment manufacturing, 6.2% growth in computer and communication devices, and a 5.1% increase in specialized equipment.

Notably, output of key high-tech products posted double-digit growth: 3D printing equipment rose 45.1%, industrial robots 43.1%, and civilian drones 40.1%. In December, industrial output growth accelerated to 6.4% year-on-year.

UBTECH's industrial humanoid robot Walker S2, developed in Shenzhen, represents the city’s cutting-edge advances in intelligent robotics. Photo courtesy of UBTECH

Steady expansion in services industries

Shenzhen’s services sector remained a pillar of stability and innovation. In 2025, the financial industry expanded 12.1%, while information transmission, software and IT services grew 10.3%, and leasing and business services rose 5.9%.

From January to November, revenue among large-scale service firms rose 7.2%, with IT-related services leading at 10.5%. Air passenger volume grew 8.1%, and container throughput at Shenzhen ports climbed 6.0% during the year, reflecting ongoing momentum in logistics and mobility.

Fixed investment declines, but strategic sectors advance

Total fixed-asset investment across the city declined by 21.7% in 2025, yet key sectors bucked the trend with robust increases. Investment in industrial technology upgrades rose 19.2%, while investment in resident services, repairs and other services surged 88.3%. Spending on IT and software services increased 67.7%, and R&D and technical services rose 16.1%.

These targeted gains underscore the city’s strategic push to modernize its industrial base and scale up innovation capacity.

Consumption rebounds, online sales gain traction

Vendors in Huaqiangbei introduce locally made tech products to international visitors. Shenzhen Special Zone Daily

Retail activity continued its recovery, with total retail sales of consumer goods reaching 1.03 trillion yuan, a year-on-year rise of 2.3%. Within this, goods retail also grew 2.3%, and catering revenues rose 2.5%.

Spending on upgraded and essential goods held firm. Sales of cultural and office supplies rose 19.5%, jewelry 14.9%, household appliances and audiovisual products 12.3%, and communication devices 8.9%. Grain, oil, and food sales also rose 7.2%.

Online retail saw healthy momentum, with internet-based sales by large-scale units up 10.5%.

Consumer prices in Shenzhen rose 0.2% for the year. Price changes across key categories included a 0.2% rise in food, tobacco and alcohol, a 1% increase in clothing, a 0.1% decline in housing, and a 2.8% rise in healthcare.

Trade hits new heighs, high-tech exports drive growth

Shenzhen’s foreign trade hit a record high in 2025, with total imports and exports reaching 4.55 trillion yuan, a 1.4% increase over the previous year. While exports fell 2.6% to 2.74 trillion yuan, imports surged 8% to 1.81 trillion yuan. High-tech product exports rose 10.1%, further cementing the city’s role as a global innovation hub.

December saw especially strong trade growth: import-export volume totaled 433 billion yuan, up 9.2% year-on-year. Exports rose 8.3%, and imports increased 10.3%.

Financial institutions, including foreign banks, reported a 7.8% year-on-year increase in total deposits by the end of December, reaching 14.63 trillion yuan. Total loans rose 5.1% to 9.97 trillion yuan.

Shenzhen’s role in Guangdong’s leading economy

The announcement comes as Guangdong Province posted a GDP of 14.58 trillion yuan in 2025, up 3.9% from the previous year, securing its position as the largest provincial economy in China for the 37th consecutive year. Guangdong accounted for more than one-10th of China’s total economic output.

Shenzhen’s contribution to that record continues to underscore its importance — not only as a leader in trade and tech, but also as a city resilient to global uncertainties and focused on long-term growth.