Ningbo's GDP up by 5.4% in H1

The skyline of Ningbo, Zhejiang province. [Photo/WeChat account: nbfb0574]

Ningbo's gross domestic product for the first half of this year soared to 820.79 billion yuan ($112.85 billion), marking a 5.4 percent year-on-year increase, as announced by the Ningbo Municipal Bureau of Statistics.

The added value of the city's primary, secondary, and tertiary industries reached 16.59 billion yuan, 370.39 billion yuan, and 433.81 billion yuan, respectively, representing respective year-on-year increases of 3.9 percent, 6.2 percent, and 4.7 percent.

During the six-month period, the city's agriculture, forestry, animal husbandry, and fishery industries rose by 3.9 percent to 17.47 billion yuan.

The upswing was also evident in the industry and service sectors. The added value of industrial enterprises above designated size in Ningbo expanded by 8 percent, outperforming the growth rate from the first quarter of this year by 0.6 percentage points. Meanwhile, its service sector demonstrated a 4.7 percent year-on-year increase in added value.

Additionally, the city's investment in fixed assets and foreign trade showed stable growth, with the former registering a 3.3 percent increase, while the latter climbed by 9.5 percent to reach 681.14 billion yuan.

Ningbo experienced a notable recovery in consumption during the same period. The city's retail sales of social consumption goods amounted to 248.49 billion yuan, up by 2.9 percent year-on-year.

Income levels also improved, with the city's overall per capita disposable income in the first quarter increasing by 4.2 percent to 41,889 yuan in real terms after adjusting for price factors.