Guangdong's GDP grows 7 percent in Q1

2018-04-28 15:03:45 Newsgd.com Newsgd.com

The Guangdong economy saw a solid start of the year with a 7.0 percent growth in the first quarter, which is 0.2 percent higher than the national average, official data showed recently.

The province’s GDP reached 2.17 trillion yuan (about 3.4 trillion USD) in the first three months of 2018. The province saw export and import volumes of 1.56 trillion RMB, during the quarter, up 8.2 percent year-on-year.

With a medium-high speed of GDP growth rate and the improvement of economic structure, it indicates the province’s economy is achieving a high quality development, according to the Statistics Bureau of Guangdong.

In detail, the service sector grew 7.9 percent year on year in the first quarter, contributing 55 percent of the GDP growth.

The added value of industrial enterprises above designated size reached 0.71 trillion RMB, up 6.7 percent year-on-year.

According to the government work report delivered earlier this year, Guangdong aims to keep the GDP growth rate of about 7% in 2018.

Reported by Will Wei

Graphic by Lai Meiya

Edited by Wing Zhang, Monica Liu

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