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First quarter GDP of Ningbo declines a bit

Ningbo Statistics Bureau and Ningbo Investigation Team of the National Bureau of Statistics released the statistics of the economic performance of Ningbo in the first quarter of 2020 on April 29. According to the preliminary accounting, the city’s GDP in the first quarter stood at 246.38 billion yuan, down by 7.0% over the same period of last year. Among others, the major economic indexes of March are seeing a clear rebound, showing an upward trend.

The sudden breakout of the coronavirus epidemic has exerted a great impact on Ningbo’s economy, which is export-oriented to a great extent. However, with the joint efforts of all the citizens for epidemic prevention and control and economic recovery work, Ningbo’s economic operation has returned to the normal track with the accelerated pace of work and production resumption. In terms of the three industries, in the first quarter, the primary industry achieved an added value of 6.14 billion yuan, down by 0.2%; the secondary industry achieved an added value of 106.52 billion yuan, down by 11.4%; and the tertiary industry, an added value of 133.72 billion yuan, down by 3.3%.  

The production recovery of the secondary industry has accelerated in spite of the impact of the epidemic. In March, the industrial added value of the large-scale enterprises decreased by 0.5%, with a decline of 19.7 percentage points from the previous two months, close to the output level of the same period of last year. In terms of different industrial categories, 33 out of 35 categories realized the increase of added value growth over the previous two months, leading to an industrial rebounding rate of 94.3%. The top 10 industrial categories in terms of added value growth have all seen the positive growth of added value, and the added value growth in March of five categories, namely computer communications, special equipment, general equipment, electrical machinery and metal products, realized an added value growth of over 10 percentage points over the previous two months.

The emerging services industry has shown a positive growth trend and has played an important role in stabilizing the economy. In the first quarter, some new industrial patterns and new models of the services industry maintained a strong trend despite of the impact of the epidemic. For example, the postal service (especially the express delivery sector) and the services for local citizens achieved the growth of 25.8% and 14.0% respectively in terms of business income. The finance sector has strengthened their services for the entity economy. For example, the loan balance of the manufacturing industry increased by 10.4% and the small loans balance increased by 28.2%. In the first quarter, the added value of the services industry accounted for 54.3% of the GDP, with an increase of 2.6 percentage points over the same period of last year.

Investments in the industrial technology transformation and high-tech industry have turned “positive”, and the sales of daily necessities and online retail have witnessed rapid growth. In the first quarter, the city’s investment in industrial technology transformation increased by 4.0% year-on-year, while the investment in the high-tech industry turned positive, up by 0.1%, with an increase of 3.9 percentage points from the previous two months. In terms of consumption, sales of commodities closely related to residents’ lives showed an increase, with the retail sales of grain, oil and food growing by 39.9%, beverages by 10.9%, and electronic publications and audio-visual products by 107.8%.

The export quota remained stable. In the first quarter, the foreign trade exports of Ningbo accounted for 3.44% of the total of the country, almost the same level as the same period of last year. The contact use of foreign capital stood at US$1.14 billion, up by 32.2%. In March, the foreign trade of Ningbo witnessed a phased reverse, with the import and export volume, the export volume and the import volume increasing by 10.4%, 5.0% and 20.0% respectively

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