Guangdong’s economy sees full recovery with GDP up 5% in H1

In the first half of 2023, Guangdong’s major economic indicators have witnessed a full recovery with sound growth momentum. 

The gross domestic product (GDP) reached 6.29 trillion RMB, up 5 percent year-on-year in H1, data from the Bureau of Statistics of Guangdong Province showed on July 18. 

From January to June, the province has achieved noticeable outcomes in promoting the development of the manufacturing industry. 

Industrial investment has posted double-digit growth, including a 21.3 percent increase in high-tech manufacturing, and an 18.9 percent increase in advanced manufacturing.

In addition, Guangdong's total retail sales of consumer goods registered 2.33 trillion RMB, up 7.4 percent year-on-year, or 2.3 percentage points faster than that in the first quarter of 2023.

Notably, the market sales registered good growth momentum, especially in catering and online consumption, with an increase of 28.8 percent and 16.1 percent, respectively.

In the first six months, Guangdong’s per capita consumption expenditure witnessed a year-on-year increase of 3.9 percent to 16,339 RMB, while the per capita disposable income went up 4.9 percent to 25,956 RMB.  

Reporter | Fanny, Zelda (Intern) 

Poster | Mia

Editor | Olivia, Nan, Abby, James