Shanghai’s GDP up 17.6% in Q1

Shanghai saw an upswing in economic growth in the first quarter, with almost all major indicators performing strongly.

The city’s gross domestic product approximated 946 billion yuan (US$145.6 billion) in the first three months,

an increase of 17.6 percent from the same period last year (calculated at comparable prices), according to the city’s statistics bureau.

Compared with January-March 2019 before the shock of COVID-19,

the figure this year still posted a 9.7 percent rise. The two-year average growth in the period reached 4.7 percent.

Industrial production grew at a faster pace in the first quarter, with strategic emerging industries bounding ahead.

In the first three months,

value-added industrial production in the city swelled 34.5 percent from a year earlier,

and was up 5.2 percent in average over the past two years.

Of the 35 major industrial sectors, production in 34 sectors achieved expansion.

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