Data Explorer | Guangdong’s economic growth in Q1 lays solid foundation for stable and improving economy in 2024

In the first quarter of 2024, the overall economy of Guangdong Province maintained stable growth, showing a good start, according to data released by the Guangdong Provincial Bureau of Statistics on April 24. During this period, Guangdong's GDP reached 3.151066 trillion RMB, an increase of 4.4 percent year-on-year. Specifically, the added value of the primary industry was 105.424 billion RMB, up by 3.7 percent. The added value of the secondary industry was 1,173.552 billion RMB, up by 6.1 percent. And the added value of the tertiary industry was 1,872.09 billion RMB, up by 3.5 percent.

Yang Xinhong, director of the Guangdong Provincial Bureau of Statistics, pointed out that the added value of the secondary industry and the industrial enterprises above the designated size both increased by 6.1 percent year-on-year, higher than the GDP growth rate of the province, demonstrating the supporting role the real economy and manufacturing industry played on the economy.

In the first quarter, a number of economic indicators in Guangdong achieved stable or rapid growth. In terms of output, the output of new energy vehicles, smartphones, and integrated circuits grew by 13.9 percent, 32.6 percent, and 42.8 percent, respectively, all achieving double-digit growth.

During this period, the province's industrial investment increased by 23.5 percent, maintaining a double-digit growth rate. Specifically, the investment growth in new fields showed strong momentum, as data showed that investment in advanced manufacturing and high-tech manufacturing increased by 22.4 percent and 33.3 percent, respectively.

Regarding the consumer market, the sales of upgraded goods have been growing very fast during this period. For example, the retail sales of new energy vehicles grew by 10.8 percent. From January to March this year, the total retail sales of consumer goods in Guangdong climbed 3.8 percent year-on-year to 1.22 trillion RMB. In terms of consumption type, the retail sales of goods increased by 3.6 percent, while those in the field of catering rose 4.9 percent.

Looking forward to the future, Yang believes that through the implementation of preferential policies, together with the joint efforts of market players, Guangdong's economic development is expected to see a promising year.

(cnbayarea.org.cn & GDToday)