Guangdong Province: GDP grew by 3.9% year-on-year in the first half of the year

According to the Zhitong Finance APP, on July 23, the Guangdong Provincial Bureau of Statistics released a brief overview of the economic operation of Guangdong in the first half of 2024. Based on the unified accounting results of regional GDP, in the first half of the year, Guangdong achieved a regional GDP of 6,524.25 billion yuan, with a year-on-year growth of 3.9% at constant prices. Specifically, the value added of the primary industry was 235.749 billion yuan, an increase of 3.1%; the value added of the secondary industry was 26,106.10 billion yuan, an increase of 5.7%; and the value added of the tertiary industry was 36,778.91 billion yuan, an increase of 2.7%.

The original text is as follows:

Brief Overview of Guangdong's Economic Operation in the First Half of 2024

In the first half of the year, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, Guangdong resolutely implemented the decisions and deployments of the Party Central Committee and the State Council, conscientiously implemented the specific deployments of the provincial party committee's "1310" plan, adhered to the general principle of seeking progress while maintaining stability, fully and accurately implemented the new development concept, accelerated the construction of a new development pattern, and focused on promoting high-quality development, leading to stable overall economic operation in the province.

Based on the unified accounting results of regional GDP, in the first half of the year, Guangdong achieved a regional GDP of 6,524.25 billion yuan, with a year-on-year growth of 3.9% at constant prices. Specifically, the value added of the primary industry was 235.749 billion yuan, an increase of 3.1%; the value added of the secondary industry was 26,106.10 billion yuan, an increase of 5.7%; and the value added of the tertiary industry was 36,778.91 billion yuan, an increase of 2.7%.

I. Overall Stability in Agricultural Production, Bumper Harvest in Spring Grain

In the first half of the year, the spring grain harvest reached nearly the highest level in five years, with Guangdong's spring grain output in 2024 reaching 716,600 tons, an increase of 1.4%. The overall supply of important agricultural products was sufficient, with vegetable and edible mushroom production increasing by 3.6%; garden fruit production increasing by 1.2%; and tea production increasing by 8.3%. The output of live pigs and poultry slightly decreased due to optimization and adjustment of production capacity, with live pig output decreasing by 1.5% and poultry output decreasing by 1.2%.

II. Stable Growth in Industrial Production, Rapid Development of New Growth Industries

In the first half of the year, the value added of the province's industrial enterprises above designated size reached 1.96 trillion yuan, a year-on-year increase of 6.0%, with the growth rate increasing by 3.5 and 1.6 percentage points compared to the same period last year and the whole of last year, respectively, and slightly decreasing by 0.1 percentage point from the first quarter. By sector, the value added of the mining industry increased by 4.1%, manufacturing by 6.0%, and electricity, heat, gas, and water production and supply by 7.2%. In key industries, the computer, communication, and other electronic equipment manufacturing industry grew by 17.6%, electrical machinery and equipment manufacturing by 3.5%, petroleum, coal, and other fuel processing industry by 14.2%, chemical raw materials and chemical product manufacturing by 5.2%, and electricity, heat production, and supply by 6.7%. New growth industries developed rapidly, with advanced manufacturing and high-tech manufacturing value added growing by 8.1% and 13.0% respectively, including a 16.3% growth in high-end electronic information manufacturing and a 20.9% growth in aerospace equipment manufacturing. The production of high-tech products grew rapidly, with new energy vehicles, smartphones, integrated circuits, and industrial robots increasing by 25.7%, 23.4%, 31.1%, and 37.6% respectively Three, steady growth in the service industry, with good momentum in the scale of service industry

In the first half of the year, the added value of the province's service industry increased by 2.7% year-on-year. Among them, transportation, warehousing and postal services, information transmission, software and information technology services, leasing and business services grew by 12.7%, 8.9%, and 6.5% respectively. From January to May, the operating income of large-scale service industry increased by 8.7% year-on-year. Among them, the operating income of information transmission, software and information technology services, transportation, warehousing and postal services, leasing and business services increased by 10.2%, 14.2%, and 8.0% respectively. The transportation market is growing well, with the province's freight volume and cargo turnover increasing by 0.3% and 3.1% respectively. Among them, civil aviation completed freight volume and cargo turnover increased by 23.6% and 22.8%. Port cargo throughput increased by 4.9%. The province's passenger volume and passenger turnover increased by 14.8% and 24.7% respectively, with railway passenger volume and passenger turnover increasing by 18.2% and 9.5%, and civil aviation passenger volume and passenger turnover increasing by 22.8% and 33.7%.

Four, strong support from industrial investment, rapid growth in equipment and tools investment

In the first half of the year, the province's fixed asset investment decreased by 1.5% year-on-year, narrowing by 0.9 percentage points compared to January-May. Driven by policies supporting large-scale equipment renewal, investment in equipment and tools grew by 24.1%. In terms of investment areas, industrial investment increased by 15.5% year-on-year, with industrial technological renovation investment increasing by 18.1%. New kinetic energy investment grew rapidly, with the province's high-tech industry investment increasing by 19.6%, advanced manufacturing and high-tech manufacturing investment increasing by 18.6% and 23.9% respectively, among which equipment manufacturing investment increased by 22.8%, and electronic and communication equipment manufacturing investment increased by 26.4%; in high-tech service industry investment, information service investment increased by 13.2%, environmental monitoring and governance service investment increased by 6.3%. Infrastructure investment increased by 0.1%, with railway transportation industry investment increasing by 11.2%, electricity, heat production and supply industry investment increasing by 10.4%, especially as the green low-carbon transformation continues to deepen, clean energy investment increased by 14.0%. Real estate development investment decreased by 16.8% year-on-year, and the sales area of commercial housing decreased by 30.6%.

Five, stable growth in market sales, rural market sales faster than urban areas

In the first half of the year, the province's total retail sales of consumer goods reached 2.35 trillion yuan, an increase of 1.2% year-on-year. By location of the operating unit, urban market retail sales increased by 0.6%, while rural market retail sales increased by 4.9%. By type of consumption, retail sales of goods and catering revenue increased by 0.9% and 3.2% respectively. Basic living goods retail sales grew rapidly, with retail sales of grain and oil, food, beverages, tobacco and alcohol, daily necessities for units above quota increasing by 10.7%, 10.6%, 3.4%, 3.1% respectively; some upgraded consumption goods showed good momentum, with cosmetics, sports and entertainment goods increasing by 10.8%, 10.0% respectively. Retail sales of goods through public networks by units above quota increased by 3.9% year-on-year, with a growth rate 5.5 percentage points faster than retail sales by units above quota Six. Moderate rise in consumer prices, narrowing decline in industrial prices

In the first half of the year, the province's Consumer Price Index (CPI) rose by 0.1% year-on-year, an increase of 0.2 percentage points from the first quarter. In June, the CPI rose by 0.4%, the same as the previous month. Among them, food prices rose by 0.3%, non-food prices rose by 0.4%; consumer goods prices rose by 0.9%, while service prices fell by 0.3%. In the first half of the year, the province's Producer Price Index (PPI) fell by 1.5%, and the Industrial Producer Purchase Price Index (IPI) fell by 1.6%, narrowing by 0.3 and 0.7 percentage points respectively from the first quarter. In June, the PPI fell by 1.2%, and the IPI fell by 0.4%.

Seven. Stable growth in household income, with rural residents' income growth faster than urban residents

In the first half of the year, the per capita disposable income of residents in the province was 27,127 yuan, a nominal increase of 4.5% year-on-year; after deducting price factors, the real growth was 4.4%. By place of residence, the per capita disposable income of urban residents was 32,614 yuan, an increase of 4.0%; the per capita disposable income of rural residents was 13,831 yuan, an increase of 6.7%. The growth rate of per capita disposable income of rural residents was 2.7 percentage points higher than that of urban residents.

Overall, the economy of Guangdong is running smoothly, new growth drivers are developing rapidly, transformation and upgrading are steadily advancing. However, it is also necessary to see that the current external environment is complex and severe, domestic effective demand is still insufficient, and the foundation for the economic recovery and improvement still needs to be consolidated. In the next stage, we must adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, adhere to the general principle of seeking progress while maintaining stability, fully implement the new development concept in a comprehensive, accurate, and thorough manner, accelerate the establishment of a new development pattern, focus on promoting high-quality development, steadfastly deepen reform and opening up, stimulate market vitality and endogenous power with greater efforts, implement the specific deployment of the provincial party committee's "1310", anchor the annual target tasks, resolutely shoulder the political responsibility of "a major economic province must truly bear the main responsibility", and make greater contributions to the overall economic situation of the country.

This article is selected from Guangdong Statistics, edited by Zhitong Finance and Economics: Chen Wenfang.