Ningbo's GDP hits 1.18t yuan Q1-Q3

A workshop in Ningbo, East China's Zhejiang province. [Photo/WeChat account: nbfb0574]

The gross domestic product (GDP) of Ningbo in East China's Zhejiang province grew by 5.7 percent year-on-year to 1.18 trillion yuan ($161.23 billion) in the first three quarters of this year, according to local statistics authorities.

During this period, above-designated-size companies in the city recorded an industrial added value of 390.58 billion yuan, a 5.7 percent increase compared to the same period last year. The growth rate is also 2.5 percentage points higher than the growth recorded in the first half of the year.

Ningbo's foreign trade volume reached 955.1 billion yuan, putting it fifth in the nation. Specifically, exports edged up by 0.7 percent year-on-year to 628.52 billion yuan, while imports increased by 7.3 percent year-on-year to 222.24 billion yuan.

Private companies continue to be the primary driving force of Ningbo's economic momentum. Imports and exports of local private enterprises accounted for 75.1 percent of the city's total from January to September.

Ningbo's Purchasing Managers' Index (PMI) reading for September was 51.8, which is 1.6 percentage points higher than the national average. This marks the fourth consecutive month that the city's manufacturing sector has remained in expansion territory. A PMI reading above 50 indicates expansion, while a reading below 50 signals contraction.