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Guangzhou's GDP grows 7.5 pct in Q1

2019-April-25       Source: Xinhuanet.com

Guangzhou, capital of south China's Guangdong Province, registered a year-on-year GDP rise of 7.5 percent in the first quarter as more new industries gain momentum in the manufacturing hub.

People visit the 125th China Import and Export Fair, also known as the Canton Fair, in Guangzhou, capital of south China's Guangdong Province, April 23, 2019.(Xinhua)

Guangzhou, capital of south China's Guangdong Province, registered a year-on-year GDP rise of 7.5 percent in the first quarter as more new industries gain momentum in the manufacturing hub.

The GDP in Guangzhou reached 550.8 billion yuan (about 82 billion U.S. dollars) in Q1, with other major economic indicators better than expected.

Guangzhou saw stronger emerging industries that accounted for 19.2 percent of the city's total GDP, said the city's development and reform commission.

The total added value of eight major emerging industries including the biological medicine, new energy, rail transit, high-end intermediary services and robots grew by 8 percent.

The city's information service industry expanded by over 20 percent, among which the added value of information transmission, software and information technology services have realized a 20 percent growth for eight consecutive quarters.

Guangzhou's Q1 economic performance suggests that new economic engines are driving the city's industrial restructuring, marking a promising start for the year.

Editor: Will

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