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Ningbo's economy increases by 13.1% in the first half of 2021

On July 27, the Ningbo Survey Team of the Municipal Bureau of Statistics and the National Bureau of Statistics announced the economic performance of Ningbo in the first half of 2021. According to preliminary calculations, Ningbo achieved a regional GDP of RMB664.06 billion in the first half of the year, a year-on-year increase of 13.1% at comparable prices, an average growth of 6.0% in two years, 0.6 percentage points higher than the first quarter.

Ningbo’s economic development has shown steady growth and improvement, rising production demand and emerging momentum, and improved quality and efficiency.

Industrial production and sales are booming, and emerging momentum continues to increase. In the first half of the year, the added value of Ningbo's industrial enterprises above designated size has increased by 20.1% year-on-year, and the two-year average growth rate was 9.0%, 0.6% higher than the first quarter. The contribution rate of the secondary industry to GDP growth reached 56.6%. The effect of the "246" trillion-level industrial cluster is outstanding. The growth rates of the new materials industry, health manufacturing industry, and the core industry of the digital economy have reached 34.7%, 30.4%, and 30.0%, respectively. The industrial enterprises above designated size achieved a total profit of RMB91.62 billion, a year-on-year increase of 80.1%.

The service industry is performing steadily, and the consumer market continues to improve. In the first half of the year, the added value of the city's service industry increased by 10.7% year-on-year, and the two-year average growth rate was 5.7%, 0.7% higher than the first quarter. The accommodation and catering industry increased by 23.1%, the wholesale and retail industry increased by 18.9%, and the information transmission, software and information technology service industry increased by 17.1%. Offline retail sales have recovered well. The city's total retail sales of consumer goods reached RMB216.13 billion, an increase of 19.5% year-on-year, and an average growth of 6.2% in two years, 0.2% higher than the first quarter. The share of foreign trade exports in the country was 3.64%, an increase of 0.02% over the same period last year.

Investment in fixed assets has grown rapidly, thanks to significant growth of investment in manufacturing. In the first half of the year, the city's fixed asset investment increased by 16.4% year-on-year, and the two-year average growth rate was 9.8%, 2.6 percentage points higher than the first quarter. From the perspective of the main investment composition, manufacturing investment increased by 39.8%, and its contribution to investment growth reached 43.2%.

Residents’ income has grown steadily, and the people’s livelihood has been well protected. In the first half of the year, the city’s per capita disposable income was RMB36,435, an actual increase of 12.2% year-on-year after deducting price factors, and an average increase of 5.7% in two years, 1.2 percentage points higher than the first quarter. Ningbo's general public budget expenditure amounted to RMB96.58 billion, an increase of 15.8%, of which transportation expenditure, housing security expenditure, grain and oil material reserve expenditure, and health expenditure increased by 96.4%, 53.7%, 33.2% and 11.9% respectively.

“In general, Ningbo’s economy has shown a steady growth in the first half of the year, and the two-year average growth rate of main indicators has basically reached the level of regular years. However, it should be noted that the external environment is still complicated and the production and operation of enterprises are still facing more difficulties. There are still structural problems in the development of some industries, and the foundation for economic stability and improvement still needs to be further strengthened." A spokesperson for the Municipal Bureau of Statistics said

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