Lin’an’s GDP Exceeded 16 Billion Yuan in the First Quarter of 2024, with a Year-on-year Growth of 5.3%

Source:  Lin’an Today

Visits: 

As the starting situation of the year is related to the overall situation all year around, then what is the starting situation of the economic development in Lin’an in 2024? It was learned on April 24 from the District Bureau of Statistics that in the first quarter of this year, the economy of the entire district continued to rebound, ensured a stable performance while at the same time securing progress and achieved a regional gross domestic product (GDP) of 16.048 billion yuan, a year-on-year increase of 5.3%, ranking fourth in Hangzhou district (county, city).

When opening the starting transcript of 2024, what data are worth paying attention to? What highlights and trends can be seen from it?

“The 5.3% growth rate was hard-earned, which was achieved by efforts from various regulatory departments, towns and streets, including various industries in Lin’an.” Explained Tang Ting, the President of the District Bureau of Statistics, who further described the sustained improvement of the economy was due to the stable support of the three industries.

Among them, the added value of the primary industry was 691 million yuan, a year-on-year increase of 3.4%; the added value of the secondary industry was 7.807 billion yuan, an increase of 7.3%; the added value of the tertiary industry was 7.55 billion yuan, an increase of 3.9%. Industrial performance stood out especially, with the added value of above-scale industries increasing by 7.1%, which was 3.9 percentage points faster than the average in Hangzhou. “The contribution of industry to GDP growth reached 50%, driving GDP growth by 2.6 percentage points. This was mainly due to the improvement of exports and the promotion of a series of policies, which led to an increase in demand. Among the 32 industrial industry categories, 23 industries were growing, with a growth rate of 71.9%.” Tang Ting said.

As the “three carriages” of the national economy, consumption, investment and export also developed at full speed in the first quarter, adding impetus to economic growth. Specifically, both internal and external needs have rebounded synchronously.

In terms of investment, in the first quarter, fixed asset investment increased by 8.4% year on year. Under the strong support of the strategy of “industries making the district strong”, the manufacturing investment increased by 12.9%, 0.4 percentage points higher than that of Hangzhou; the export volume of goods trade increased by 8.3%, an increase of 4.3 percentage points from last year. In addition, in the first quarter, the total retail sales of consumer goods increased by 12.9% year-on-year. “The entire consumer market actually laid a good foundation last year. Since August last year, the retail sales of consumer goods in Lin’an have been ranked high in the entire Hangzhou. This trend has continued this year and its ranking has been improving.” Tang Ting said, especially the retail sales of automobiles reached 525 million yuan, an increase of 28.1%, driving the retail sales of products above scale in the entire district to increase by 7.6 percentage.

In addition, there is a subtle detail worth paying attention to in this transcript—the support of emerging industries has significantly increased. On the one hand, emerging momentum continued to strengthen, with the added value of high-tech industries, high-end equipment manufacturing, strategic emerging industries, and digital economy manufacturing increasing by 5.8%, 4.0%, 7.9%, and 6.0% respectively; on the other hand, emerging consumption was driving strong growth, including rapid growth in online consumption and strong demand for upgraded goods. In the first quarter, smart home appliances, smartphones, and new energy vehicles increased by 35.4%, 45.7%, and 217.4%, respectively. “In addition, there has been a significant increase in high-tech investment, with a total investment of 2.349 billion yuan in high-tech industries in the first quarter, an increase of 44.7%, which was 36.3 percentage points higher than the overall fixed investment in the region.” Tang Ting said that the momentum of emerging industries in the region was strong, laying a good foundation for accelerating the cultivation of new productive forces.

“In general, the economy of Lin’an has achieved an ‘auspicious start’ in the first quarter, but we also need to recognize some of the shortcomings and disadvantages currently faced. We still need to preserve strength for the economic recovery.” Tang Ting said.


Lin’an’s GDP Exceeded 16 Billion Yuan in the First Quarter of 2024, with a Year-on-year Growth of 5.3%

Source:  Lin’an Today

Time:  2024-04-28

Visits: 

As the starting situation of the year is related to the overall situation all year around, then what is the starting situation of the economic development in Lin’an in 2024? It was learned on April 24 from the District Bureau of Statistics that in the first quarter of this year, the economy of the entire district continued to rebound, ensured a stable performance while at the same time securing progress and achieved a regional gross domestic product (GDP) of 16.048 billion yuan, a year-on-year increase of 5.3%, ranking fourth in Hangzhou district (county, city).

When opening the starting transcript of 2024, what data are worth paying attention to? What highlights and trends can be seen from it?

“The 5.3% growth rate was hard-earned, which was achieved by efforts from various regulatory departments, towns and streets, including various industries in Lin’an.” Explained Tang Ting, the President of the District Bureau of Statistics, who further described the sustained improvement of the economy was due to the stable support of the three industries.

Among them, the added value of the primary industry was 691 million yuan, a year-on-year increase of 3.4%; the added value of the secondary industry was 7.807 billion yuan, an increase of 7.3%; the added value of the tertiary industry was 7.55 billion yuan, an increase of 3.9%. Industrial performance stood out especially, with the added value of above-scale industries increasing by 7.1%, which was 3.9 percentage points faster than the average in Hangzhou. “The contribution of industry to GDP growth reached 50%, driving GDP growth by 2.6 percentage points. This was mainly due to the improvement of exports and the promotion of a series of policies, which led to an increase in demand. Among the 32 industrial industry categories, 23 industries were growing, with a growth rate of 71.9%.” Tang Ting said.

As the “three carriages” of the national economy, consumption, investment and export also developed at full speed in the first quarter, adding impetus to economic growth. Specifically, both internal and external needs have rebounded synchronously.

In terms of investment, in the first quarter, fixed asset investment increased by 8.4% year on year. Under the strong support of the strategy of “industries making the district strong”, the manufacturing investment increased by 12.9%, 0.4 percentage points higher than that of Hangzhou; the export volume of goods trade increased by 8.3%, an increase of 4.3 percentage points from last year. In addition, in the first quarter, the total retail sales of consumer goods increased by 12.9% year-on-year. “The entire consumer market actually laid a good foundation last year. Since August last year, the retail sales of consumer goods in Lin’an have been ranked high in the entire Hangzhou. This trend has continued this year and its ranking has been improving.” Tang Ting said, especially the retail sales of automobiles reached 525 million yuan, an increase of 28.1%, driving the retail sales of products above scale in the entire district to increase by 7.6 percentage.

In addition, there is a subtle detail worth paying attention to in this transcript—the support of emerging industries has significantly increased. On the one hand, emerging momentum continued to strengthen, with the added value of high-tech industries, high-end equipment manufacturing, strategic emerging industries, and digital economy manufacturing increasing by 5.8%, 4.0%, 7.9%, and 6.0% respectively; on the other hand, emerging consumption was driving strong growth, including rapid growth in online consumption and strong demand for upgraded goods. In the first quarter, smart home appliances, smartphones, and new energy vehicles increased by 35.4%, 45.7%, and 217.4%, respectively. “In addition, there has been a significant increase in high-tech investment, with a total investment of 2.349 billion yuan in high-tech industries in the first quarter, an increase of 44.7%, which was 36.3 percentage points higher than the overall fixed investment in the region.” Tang Ting said that the momentum of emerging industries in the region was strong, laying a good foundation for accelerating the cultivation of new productive forces.

“In general, the economy of Lin’an has achieved an ‘auspicious start’ in the first quarter, but we also need to recognize some of the shortcomings and disadvantages currently faced. We still need to preserve strength for the economic recovery.” Tang Ting said.