Guangzhou’s GDP recorded a significant increase to 2.176984 billion yuan in the first three quarters of 2023, according to the Guangzhou Municipal Bureau of Statistics. This represents a year-on-year growth of 4.2% based on the unified calculation results of Guangdong Province’s GDP. The primary industry saw an added value of 20.186 billion yuan, marking a 4.1% increase. Meanwhile, the secondary industry experienced a 1.7% growth with an added value of 559.042 billion yuan, and the tertiary industry saw a 5.1% increase with an added value of 1.597756 billion yuan.
In terms of specific sectors, the service industries above designated size witnessed a notable 8.5% growth in operating income from January to August. The Internet, software, and information technology services industry grew by 4.5% year on year, while the rental and business services industry experienced a strong growth of 10.9%. The travel agency and convention and exhibition industries also demonstrated a robust recovery with respective growth rates of 1.2 times and 90.6%. Cultural tourism played a significant role in driving consumer demand, leading to a 31.9% growth in the culture, sports, and entertainment industry. The performing arts and entertainment sectors particularly thrived, with film screenings, cultural and art industries, and amusement parks witnessing growth rates of 57.3%, 72.7%, and 2.3 times year on year, respectively. The scientific research and technical services industry also grew steadily and rapidly by 9.5%, with research and development and design services showing a remarkable 47.6% increase. The creativity and cultural design industry demonstrated a promising growth of 11.5% year on year.
Furthermore, the city’s total retail sales of consumer goods reached 823.754 billion yuan in the first three quarters, reflecting a 6.4% year-on-year increase. The accommodation and catering industry showed rapid growth with a significant sales growth of 17.8%. Basic consumer goods, including grains, oil, food, clothing, footwear, hats, needles, and textiles, continued to recover with respective retail sales increases of 12.8% and 11.0%. Upgraded goods, such as cosmetics, experienced a rapid growth of 15.7% in retail sales above the designated size. Additionally, the sales of new energy vehicles continued to flourish with a retail sales growth of 33.4%. Offline consumption witnessed steady growth, with supermarkets and department stores above designated size achieving a 3.3% year-on-year sales increase. Meanwhile, online consumption remained active, with online retail sales of physical goods in wholesale and retail industries above the designated size increasing, along with meal revenue from accommodation and catering companies via the public network, which increased by 11.5% and 21.7% respectively.
Regarding investment, the city experienced a 3.3% year-on-year increase in fixed asset investment during the first three quarters. Industrial investment particularly saw significant growth of 21.0%, maintaining the double-digit growth momentum of this year. Investment in industrial technological transformation increased by 28.2%, with special equipment manufacturing and electrical machinery and equipment manufacturing in advanced manufacturing displaying growth rates of 71.5% and 1.2 times, respectively. The high-tech manufacturing sector also demonstrated positive growth momentum, with a year-on-year increase of 13.5%, and investment in electronics and communications equipment manufacturing increased by 10.7%. Investment in infrastructure grew rapidly, with an 11.5% year-on-year increase. Conversely, real estate development investment continued its downward trend, falling by 6.6% year on year.
In the realm of foreign trade, the total import and export value of Guangzhou’s foreign trade reached 815.35 billion yuan, marking a 7.4% year-on-year increase. Exports amounted to 486.35 billion yuan, reflecting an 18.5% increase and surpassing the growth rate seen in the first half of the year by 0.6 percentage points. On the other hand, imports decreased by 5.7% to 329.01 billion yuan. General trade recorded better growth, with an increase of 20.6%, accounting for 69.3% of the total import and export value, which is 8.2 percentage points higher than the same period last year. The export of mechanical and electrical products experienced a growth rate of 9.9%, representing 46.5% of the total export value. Moreover, Guangzhou’s trade with countries participating in the “Belt and Road” initiative increased by 16.4% year on year, while trade with the Middle East and Africa grew by 19.4% and 32.4% respectively.
The financial industry in Guangzhou achieved an added value of 213.470 billion yuan during the first three quarters, showcasing a 7.7% year-on-year increase. By the end of September, the balance of domestic and foreign currency deposits and loans of the city’s financial institutions reached 16.07 trillion yuan, exhibiting a 9.3% year-on-year increase. Looking at specific figures, the deposit balance rose to 8.55 trillion yuan, growing by 8.8% year on year, and the loan balance amounted to 7.52 trillion yuan, reflecting a 9.8% year-on-year increase. Credit support to the real economy increased, with loans to enterprises and institutions and medium and long-term operating loans to households growing by 13.3% and 31.8% respectively year on year.
During the first three quarters, residents’ income experienced gradual growth. The per capita disposable income of urban residents in Guangzhou reached 64,033 yuan, reflecting a 4.8% year-on-year increase, while the per capita disposable income of rural residents amounted to 32,347 yuan, growing by 6.3% year on year. The city continued to demonstrate a stable employment environment, creating 262,100 new urban jobs, marking a 7.8% increase. The improvement of public services and infrastructure facilities remained a priority, as evident in the increased general public budget expenditure on housing security by 13.5% and health and education by 20.0% and 3.3% respectively. Additionally, investments in health and social work, water conservation environment, and public facilities management displayed rapid growth rates of 25.2% and 13.7% respectively.
In conclusion, Guangzhou’s economic performance in the first three quarters of 2023 exhibits positive growth across various sectors. With rising GDP, retail sales, and investment, as well as increased foreign trade, the city demonstrates a prosperous and thriving economy. The financial industry also contributes significantly to the overall growth, and the stable employment environment and improving public services further enhance the well-being of residents.
Viewpoint Network News:On October 28, the Guangzhou Municipal Bureau of Statistics announced the economic performance of the first three quarters of 2023. According to the unified calculation results of Guangdong Province’s GDP, in the first three quarters of 2023, Guangzhou’s GDP was 2.176984 billion yuan, a year-on-year increase of 4.2%.
Among them, the added value of the primary industry was 20.186 billion yuan, an increase of 4.1%; the added value of the secondary industry was 559.042 billion yuan, an increase of 1.7%; the added value of the tertiary industry was 1.597756 billion yuan. , an increase of 5.1%.
From January to August (data from the wrong month), the city’s service industries above designated size achieved year-on-year growth of 8.5% in operating income. Among the key industries, the Internet, software and information technology services industry grew by 4.5% year on year; the rental and business services industry continued to grow well, with year-on-year growth of 10.9% Among them, the travel agency and convention and exhibition industries had a strong recovery momentum, growing 1.2 times and 90.6% respectively that. Unleashing consumer demand for cultural tourism drove the culture, sports and entertainment industry to grow by 31.9% Among them, the performing arts and entertainment economy boomed, with film screenings, cultural and art industries, and amusement parks increasing 57.3% , 72.7%, and 2.3 times year after year respectively. The scientific research and technical services industry grew steadily and rapidly by 9.5%, of which research and development and design services increased by 47.6% year on year. The creativity and cultural design industry is developing well, with added value increasing by 11.5% year on year.
In the first three quarters, the city’s total retail sales of consumer goods reached 823.754 billion yuan, a year-on-year increase of 6.4%. Among them, the accommodation and catering industry maintained rapid growth, achieving year-on-year retail sales growth of 17.8%. In terms of commodity categories, basic consumer goods continued to recover, with retail sales of grains, oil, food, clothing, footwear, hats, needles and textiles above designated size increasing by 12.8% and 11.0% respectively. The use of upgraded goods grew rapidly, with retail sales of cosmetics above the designated size increasing by 15.7% New energy vehicles continued to sell well, achieving retail sales growth of 33.4%. Looking at different types of business, offline consumption grew steadily, and supermarkets and department stores above designated size achieved sales growth of 3.3% year on year. Online consumption remains active. Online retail sales of physical goods in wholesale and retail industries increased above the designated size, and meal revenue from accommodation and catering companies through the public network increased by 11.5% and 21.7% in that order.
In the first three quarters, the city’s fixed asset investment increased by 3.3% year on year. In terms of sectors, industrial investment increased by 21.0% year-on-year, continuing the double-digit growth momentum this year, and investment in industrial technological transformation increased by 28.2%. Investment in special equipment manufacturing, electrical machinery and equipment manufacturing in advanced manufacturing increased by 71.5% and 1.2 times respectively. Investment in high-tech manufacturing has shown good growth momentum, with year-on-year growth of 13.5%, and investment in electronics and communications equipment manufacturing increased by 10.7%. Investment in infrastructure grew rapidly, with a year-on-year increase of 11.5%. Real estate development investment is still in the downward range, down 6.6% year on year.
In the first three quarters, the total import and export value of the city’s foreign trade was 815.35 billion yuan, a year-on-year increase of 7.4%. Among them, exports were 486.35 billion yuan, an increase of 18.5%, and the growth rate was 0.6 percentage points higher than that in the first half of the year; imports were 329.01 billion yuan, a decrease of 5.7%. Among different forms of trade, import and export of general trade grew better, with an increase of 20.6%, accounting for 69.3% of the total import and export value, an increase of 8.2 percentage points over the same period last year. Exports of mechanical and electrical products increased by 9.9%, accounting for 46.5% of the total export value. During the same period, trade with emerging markets expanded rapidly. Guangzhou’s imports and exports from countries co-constructing the “Belt and Road” increased by 16.4% year on year, and increased its imports and exports with the Middle East and Africa by 19.4% and 32.4% respectively.
In the first three quarters, the city’s financial industry achieved an added value of 213.470 billion yuan, a year-on-year increase of 7.7%. At the end of September, the balance of domestic and foreign currency deposits and loans of the city’s financial institutions was 16.07 trillion yuan, a year-on-year increase of 9.3%. Looking at deposits and loans, the deposit balance was 8.55 trillion yuan, a year-on-year increase of 8.8%; the loan balance was 7.52 trillion yuan, a year-on-year increase of 9.8%. Credit support to the real economy has increased. The balance of loans to enterprises and institutions and the balance of medium and long-term operating loans to households increased by 13.3% and 31.8% year on year respectively. an increase of 15.7% year on year.
During the first three quarters, the income of residents increased gradually, the per capita disposable income of the city’s urban residents was 64,033 yuan, a year-on-year increase of 4.8%; per capita disposable income of rural residents was 32,347 yuan, a year-on-year increase of 6.3%. The stabilizing effect of employment continued to show, with 262,100 new urban jobs being created in the city, an increase of 7.8%. The public service system and building facilities continued to improve. Among the city’s general public budget expenditure, housing security expenditure increased by 13.5%, health and education expenditure increased by 20.0% and 3.3% respectively; fixed assets in the areas of health and social work, water conservation environment and public facilities management Investment grew rapidly, increasing by 25.2% and 13.7% respectively. Return to Sohu to see more
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