Guangzhou’s economy grew 6.9% in first three quarters

The gross domestic product of Guangzhou, capital of south China’s Guangdong Province, grew by 6.9% in the first nine months this year to reach more than 1.78 trillion yuan ($251 billion), according to official data from the city’s government.

The city’s government reported rapid growth in investment, a stable consumer market and a small rise in imports and exports in the January-September period.

A breakdown of the data showed the fixed- asset investment for the first three quarters in Guangzhou grew by 21.1%, among which investment in infrastructure, industries and real estate rose 27.6%, 25.9% and 18.9%, respectively.

In the first three quarters, the total retail sales of consumer goods in the city reached over 734.69 billion yuan, up 8.2% year on year.   

The city’s economy has grown steadily during this period as Guangzhou has been making efforts to stabilize production, expand investment, strengthen finance, promote exports, boost consumption and attract foreign investment, according to the city’s statistics bureau.

Previous data showed that south China’s economic powerhouse Guangdong Province’s GDP rose 6.4% year on year to 7.72 trillion yuan ($1.09 trillion) in the first three quarters of 2019. Xinhua

Categories Greater Bay