Data Explorer | Guangdong's GDP approaches 10 trillion yuan, with 3.4% growth in Q1-Q3 2024

Guangdong achieved a GDP of 9,993.918 billion yuan, representing a 3.4% year-on-year increase, according to the report of the province's economic performance for the first three quarters of 2024 released by the Guangdong Provincial Bureau of Statistics on October 21.

This growth is indicative of Guangdong's resilience amidst external economic pressures.

Breaking down the GDP contributions, the primary sector saw an increase of 3.0%, adding 404.127 billion yuan; the secondary sector grew by 4.8%, contributing 3,970.236 billion yuan; and the tertiary sector, which includes services, increased by 2.5%, totaling 5,619.555 billion yuan. These figures highlight a diversified economic structure, with services still holding the largest share.

Officials emphasized that the region has successfully maintained economic stability while optimizing its structure. Yang Xinhong, the Bureau's director, noted that new production capabilities are accelerating, pushing the economy toward high-quality development. The emergence of new economic sectors is particularly significant, with their contribution to GDP exceeding 25.5%, reflecting a 7.0% increase compared to last year.

(Photo: Nanfang Plus)

Meanwhile, industrial performance was robust, with the total value-added from industrial enterprises exceeding 3 trillion yuan, achieving a 4.7% increase. The growth was widespread across various sectors, with over 71.8% of industries showing positive performance. Key sectors included computer and electronic device manufacturing, which grew by 15.5%, driven by rising production in smartphones, laptops, and integrated circuits. Additionally, the advanced manufacturing and high-tech sectors saw substantial growth rates of 6.9% and 11.6%, respectively, indicating a strategic focus on innovation.

Investment trends further illustrated a shift toward industrial prioritization, with industrial investment rising by 9.1%—the highest percentage in recent years. This shift reflects a conscious effort to reduce reliance on real estate investments, with industrial investment accounting for 36.9% of total investments, a notable increase from previous years. The focus on modernizing equipment and embracing green technologies is also evident, as investment in industrial upgrades rose by 12.4%.

Consumer spending also displayed positive momentum, aided by government policies aimed at stimulating domestic demand. The total retail sales of consumer goods reached 3.54 trillion yuan, growing by 0.7% year-on-year. Notably, the rural market outpaced urban retail growth, highlighting the potential for future consumption in less urbanized areas. New energy vehicles saw a significant increase in sales, with an 8.1% rise, underlining the growing acceptance of sustainable transportation options.

Agricultural production remained stable, ensuring a steady food supply and contributing to food security in the province. Key agricultural products have shown positive trends: vegetable and edible fungus production rose by 3.2%, while the yield of orchard fruits increased by 1.8%. Tea production saw a significant boost of 7.4%, and the output of potted ornamental plants surged by 6.8%, with ornamental seedlings rising by 8.1%.

Overall, the economic data from Guangdong for the first three quarters of 2024 paints a picture of resilience, adaptation, and progressive change. The province is not only maintaining growth but is also strategically repositioning itself to embrace new economic realities, driving forward with innovation and sustainability at the forefront.

cnbayarea.org.cn & GDToday