BUSINESS Shanghai’s Q1 GDP drops 6.7 percent y-o-y, FDI increases 4.5 percent

BUSINESS

Shanghai’s Q1 GDP drops 6.7 percent y-o-y, FDI increases 4.5 percent

Global Times

03:06, April 21, 2020

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Two tourists take photos at the Bund by the Huangpu River in Shanghai. (Photo: Global Times)

Shanghai's Q1 GDP contracted by 6.7 percent year-on-year to 785.66 billion yuan ($111.13 billion), the Shanghai Municipal Statistics Bureau said Monday.

Statistics show that most sectors in the city have been hampered but some sectors, including information services, finance, education, health, social work, information technology and foreign direct investment (FDI), saw growth amid the COVID-19 pandemic.

Output by large-scale industrial firms across the city slumped by 17.4 percent to 644.48 billion yuan. 

However, the output value of information technology and new-energy vehicles increased by 15.3 percent and 5.7 percent respectively. The output volume of smartphones saw growth of 33.7 percent.

Shanghai also saw a decline in imports and exports in Q1 but saw growth in FDI. Its total imports and exports of goods amounted to 756.11 billion yuan, down 4.0 year on year.

The actual amount of FDI Shanghai received reached $4.67 billion in Q1, an increase of 4.5 percent. 

The city's online retail sales grew by 4.4 percent year-on-year, reaching 54.31 billion yuan and accounting for 17.7 percent of the total retail sales of social consumer goods. But the total retail sales of social consumer goods overall contracted 20.4 percent to 306.03 billion yuan year-on-year.

The accommodation and catering industry suffered substantial setbacks with only 21.97 billion yuan in revenue, slumping 42.4 percent year-on-year. 

As of the end of March, there were 179,500 people registered unemployed in the city. 129,000 new jobs were created in the city in Q1, 63,200 fewer than last year.


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