(MENAFN) In a recent announcement by local authorities in Southwest China's Guizhou Province on Monday, it was revealed that the region's economic performance during the first quarter of 2024 displayed encouraging signs of growth. With the gross domestic product (GDP) surging to 517.88 billion yuan (equivalent to approximately 71.49 billion U.S. dollars), the province recorded a notable 5.5 percent increase compared to the corresponding period in the previous year.
Delving into the sectoral dynamics, Guizhou Province exhibited a balanced growth trajectory across its primary, secondary, and tertiary sectors. Notably, the primary sector saw its value added rise by 3.9 percent, reaching 46.96 billion yuan, reflecting continued agricultural and natural resource-based activities. Meanwhile, the secondary sector, encompassing manufacturing and industrial production, experienced robust expansion, with its value added climbing by 7.8 percent to 195.45 billion yuan. Additionally, the tertiary sector, comprising services and other non-industrial activities, showcased growth, with its value added increasing by 4.3 percent to 275.47 billion yuan.
In tandem with its economic expansion, Guizhou Province also demonstrated significant strides in its trade activities. Importantly, the province recorded a noteworthy uptick in imports and exports, totaling 18.92 billion yuan during the first quarter of 2024. This figure represents a substantial 23.7 percent increase compared to the same period last year, underscoring the province's growing role in regional trade dynamics and its integration into global markets.
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