Shenzhen's Economy Grew 6.5% in Q1

By Billy Jiang, April 28, 2023

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Shenzhen's economy grew by 6.5% in the first quarter of 2023, according to data released by the city's Statistics Bureau on April 27.

The city's gross domestic product (GDP) for the first three months of the year reached RMB777.2 billion ($120.2 billion), with the value added of the primary industry growing by 0.1%, while the value added of the secondary and tertiary industries grew by 4.6% and 7.6% respectively.

The city's industrial production also showed signs of recovery in the first quarter, with the value added of large-scale industries growing by 4.5% year-on-year, an increase of 3.7 percentage points from January to February.

Among them, the value added of mining dropped by 12.3%, while manufacturing and supply industries –  including electricity, heat, gas and water production –  grew by 4.4% and 30.9%, respectively.

In addition, the city's market sales continued to recover in the first quarter, with the total retail sales of consumer goods reaching RMB235.8 billion ($36.5 billion), a year-on-year increase of 11.8%, an acceleration of 5.1 percentage points from January to February. 

Finally, the city's import and export of goods also maintained growth in the first quarter, with the total import and export volume reaching RMB796.76 billion ($123.3 billion), an increase of 7.4% year-on-year. 

Among them, exports reached RMB505.7 billion ($78.3 billion), an increase of 23.8%, while imports reached RMB291.06 billion ($45 billion), a decrease of 12.6%.

READ MORE: Shenzhen's Foreign Trade Booms 7.4% in Q1

[Cover image via Unsplash]

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