Guangdong's GDP growth rate in the first half of the year reached 5%, and the performance of the service industry is still better than that of the manufacturing industry
2023-07-20
In the first year of the recovery after the epidemic, Guangdong handed over half a year's transcript. In the first half of the year, Guangdong's GDP reached 6290.98 billion yuan, a year-on-year increase of 5%. At present, Guangdong and Hebei are the first provinces to announce their half year GDP. This growth rate is 0.5 percentage points lower than the same period nationwide. However, compared to the first quarter, there are multiple economic indicators that are improving. In the previous half of the year, the growth rate of industrial added value above designated size increased by 1.1 percentage points compared to the first quarter, the growth rate of service industry added value increased by 0.9 percentage points, and the growth rate of total retail sales of consumer goods increased by 2.3 percentage points. The Guangdong Provincial Bureau of Statistics stated that overall, the economic operation of Guangdong continued to recover in the first half of the year, but the foundation for the economic recovery in the province still needs to be strengthened. Structurally, the post pandemic recovery characteristics of the service industry are still evident compared to the manufacturing industry. Although the low base in the same period last year was one of the growth factors, it still achieved a GDP growth rate of 5% under the situation of not relying on real estate domestically and not relying on Balance of trade externally, which also reflects Guangdong's achievements in high-quality transformation. The passenger flow increased by nearly 70%. The service industry continued to improve the GDP growth in the first half of the year. The Tertiary sector of the economy contributed the most, with an added value of 3597.741 billion yuan, up 5.9%. This is related to the continuous improvement of the contact aggregation service industry after the epidemic. Data shows that the added value of Guangdong's service industry increased by 5.9% year-on-year during the period, and its contribution to economic growth increased from 3 percentage points in the first quarter to 3.4 percentage points. The passenger volume increased by 68.5%, driving a 6.9% increase in the added value of transportation, warehousing, and postal industries, as well as a 10.3% increase in the added value of accommodation and catering industries. From January to May, the cultural, sports, and entertainment industries grew by 35.3%. In the first half of the year, the total retail sales of consumer goods in Guangdong reached 2.33 trillion yuan, a year-on-year increase of 7.4%, reaching the growth target of 6%. According to consumption patterns, retail sales of goods increased by 5%, and catering revenue increased by 28.8%. In terms of upgraded consumption, the retail sales of cosmetics and communication equipment above the designated size increased by 14.3% and 14.8% respectively. However, consumption in the residential sector is relatively inactive. The sales area of commercial housing in Guangdong decreased by 0.2% in the first six months. This consumption structure also shows obvious "post epidemic" characteristics. The Kerui Research Report pointed out that in the first half of the year, the average transaction price of commercial residential properties in the nine mainland cities in the Greater Bay Area was 24058 yuan/square meter, a slight decrease of 2% year-on-year; The total supply of commercial residential buildings is 18.02 million square meters, a year-on-year decrease of 7%. According to the research report, from February to March, due to the lifting of the epidemic lockdown and the release of the previous backlog of housing demand, the market experienced a brief "little sunny spring"; Starting from late March, the demand for early home purchases has been depleted, and macroeconomic expectations are poor. The downward trend of the real estate market is obvious, and the heat continues to decline. In mid June, the mid year sprint season did not show a "stop down trend", and the overall demand momentum is insufficient. It is expected that low level consolidation will be the norm. New energy products have become a growth curve compared to the rebounding service industry, and industrial production is still in a weak recovery cycle of slow ascent. During the period, the added value of the Secondary sector of the economy was 2466.144 billion yuan, up 3.7%. From January to June, Guangdong's industrial added value above designated size reached 1.93 trillion yuan, a year-on-year increase of 2.5%. By industry, there are 39 major categories of industries in operation in the province
Edit：XiaoWanNing Responsible editor：YingLing
Source：Interface News
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