Guangdong economy grows 6.6% in first quarter

The gross domestic product of China’s manufacturing hub Guangdong Province increased 6.6% year-on- year in the first quarter of 2019, local authorities said yesterday.

The province’s GDP in the first three months expanded to 2.39 trillion yuan (USD356 billion), data from the provincial statistics bureau showed.

The bureau attributed the moderate increase of Guangdong’s economy to the steady growth of its real economy.

It said the new economy has become a vital engine promoting the economic growth of Guangdong. The province’s new economy, including advanced manufacturing and high-tech industries, in the first quarter, increased 7% year-on-year, accounting for a quarter of its entire GDP.

Meanwhile, Guangdong continued to see double-
digit growth in investment in the first quarter, a rise of 11.2%. Investment in sectors including education, information transmission, software and information technology all grew by over 45%.

As one of China’s economic powerhouses, Guangdong recorded a 6.8% GDP growth to hit 9.73 trillion yuan last year. The province set a target of 6 to 6.5% economic growth this year. Xinhua

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