Shanghai sees 11.8 percent GDP growth in first quarter
( 2003-04-15 14:09 ) (8 )

Shanghai, the biggest industrial city in China, reported a year-on-year growth of 11.8 percent in gross domestic product (GDP) in the first quarter of this year, according to the latest official figures.

A spokesperson for the Shanghai Municipal Statistics Bureau said the GDP totaled 132.5 billion yuan (16.1 billion US dollars) during the first quarter.

The primary sector grew by 2.4 percent, while manufacturing posted an 18 percent growth rate and the growth rate for the tertiary sector was 6.2 percent.

The spokesperson attributed the economic growth to the expansion of investment, consumption, foreign trade and other sectors.

Shanghai generated 61.2 billion yuan (7.4 billion US dollars) in added industrial value in the quarter, up 19.3 percent year on year.

Investment in fixed assets grew by 25.9 percent over the same period last year to 36.45 billion yuan (4.4 billion US dollars).

The overall volume of retail sales in Shanghai rose 9.1 percent to 55.3 billion yuan (6.7 billion US dollars), while foreign trade went up by 37 percent.