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Ningbo’s GDP of first three quarters exceeds one trillion yuan

On October 26, Ningbo Municipal Bureau of Statistics and the Ningbo Investigation Team of National Statistics Bureau released the city’s economic report for the first three quarters of this year. According to the preliminary accounting, Ningbo achieved a regional GDP of 1.03329 trillion yuan in the first three quarters, exceeding the trillion-yuan mark for the first time; The economic increase reached 157.1 billion yuan, exceeding that of the previous years.

Reportedly, despite the complex and severe domestic and international environment, since this year, the economic development of Ningbo has taken on a trend of steady growth and steady progress, with the production demand rebounding effectively, the emerging kinetic energy continuously enhancing, and the guarantee of people’s livelihood being solid and powerful. Calculated at the comparable prices, Ningbo’s GDP increased by 10.0% year-on-year in the first three quarters, 5.9% on average over the past two years. Both are higher than those of the whole country.

In terms of industries, the added value of the primary industry was 24.12 billion yuan, up by 3.4%, with an average growth of 2.7% over the past two years; the added value of the secondary industry was 488.68 billion yuan, up by 12.8%, with an average growth of 6.5% over the past two years; and the added value of the tertiary industry was 520.49 billion yuan, up by 8.0%, with an average growth of 5.5% over the past two years. The ratio of the three industries is 2.3:47.3:50.4, and the contribution rates of the three industries to GDP growth are 0.9%, 57.5% and 41.6% respectively.

The industrial economy is booming in both production and marketing, and the emerging momentum is ever increasing. In the first three quarters, the added value of the large-scale industries above the designated size in the city increased by 15.0% year-on-year, with an average increase of 8.5% over the past two years. The large-scale industrial enterprises above the designated size in Ningbo achieved a sales output value of 157.38 billion yuan, up by 25.1%, with an average increase of 10.3% over the past two years. To be specific, the export delivery value was 299.47 billion yuan, up by 24.6%, while the output value of domestic sales was 1.27191 trillion yuan, up by 25.3%. The emerging kinetic energy has been continuously enhanced, and the output value of new products of large-scale industries above the designated size has increased by 29.5% year-on-year, 4.4 percentage points higher than that of the total of large-scale industries above the designated size. The output rate of new products reached 34.0%, with an increase of 1.1 percentage points year-on-year. The added value of eight emerging industries, including high-tech manufacturing, equipment manufacturing, and the core industry of digital economy, increased by more than 15%.

The services industry has run smoothly and the key sectors have boosted. In the first three quarters, the added value of the city’s services industry increased by 8.0% year-on-year, with an average growth of 5.5% over the past two years. Among others, the total contribution rate of wholesale and retail, transportation, warehousing and postal industry and for-profit services sector to the growth of service industry reached 75.2%. The consumer market has recovered steadily. The total retail sales of social consumer goods in Ningbo reached 329.79 billion yuan, a year-on-year increase of 13.9% and an average increase of 4.7% over the past two years.

Investment in fixed assets has continued to grow, while sales of commercial housing has decreased significantly. In the first three quarters, the fixed asset investment in Ningbo increased by 13.2% year-on-year, with an average growth of 8.6% over the past two years. Among others, private investment increased by 11.2%, with an average growth of 8.8% over the past two years

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