China’s gross domestic product sees yr/yr increase of 5.4 percent in H1
Date
7/17/2024 4:51:41 AM
(MENAFN) In the first half of 2024, Beijing's gross domestic product (GDP) experienced a notable year-on-year increase of 5.4 percent, as reported by the city's statistics authorities on Wednesday. The total GDP for this period reached approximately 2.18 trillion yuan, which translates to around 305.55 billion U.S. dollars, according to data released by the municipal bureau of statistics.
Breaking down the GDP by industry, the primary sector reported an added value of 4.11 billion yuan, which represents a slight decrease of 0.1 percent. Conversely, the secondary industry, which includes manufacturing and construction, showed robust growth with an added value of 303.82 billion yuan, reflecting an increase of 5.7 percent. The tertiary industry, encompassing services, continued to dominate the economic landscape, surpassing 1.87 trillion yuan with a growth rate of 5.4 percent.
Emerging sectors in Beijing demonstrated particularly strong performance from January to June, with strategic emerging industries above the designated size recording an impressive 12.9 percent increase in added value. Notably, the production of new energy vehicles soared by 3.5 times, while wind turbine production increased by 66.1 percent. Additionally, integrated circuits and industrial robots saw added value growth of 13.2 percent and 12.4 percent, respectively, highlighting the city's commitment to innovation and technology.
In the tertiary sector, the information transmission, software, and information technology services industry experienced rapid expansion, achieving an added value of 494.46 billion yuan, which is an increase of 12.4 percent. The financial industry also contributed positively to the economy, recording a 5.8 percent growth in added value, amounting to 438.03 billion yuan. Furthermore, the transportation, warehousing, and postal services sector reported an added value of 58.38 billion yuan, reflecting a significant increase of 10.4 percent. This growth across various sectors underscores Beijing's dynamic economic environment and resilience in the face of global challenges.
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