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GDP in the District Increases by 9.1% Year on Year in the First Three Quarters
2017-11-06 14:40:55

In the first three quarters, the district continued to maintain the momentum of steady economicgrowth. According to the preliminary statistics of the district’s statistical office, the gross domestic product (GDP) of the first three quarters reached 73.364 billion Yuan, up by 9.1% over the same period of the previous year at a comparable rate. The growth rate was 0.6 percentage points higher than the first half of the year and 0.8 percentage points higher than the average of the city.

The district’s statistical office pointed out that behind the acceleration of the economic development in the district laid the further optimization of the economic structure. The industry and economy see great supports, thecontinuous tertiary industry development, and the new impetus unleashed by economic restructuring and upgrading.

Industry and economy show strong momentum

The district’s statistical office pointed out that at the moment, the district is actively building the core area of the pilot demonstration city "Made in China 2025". The upgrading and enhancement of the real economy represented by industry has been the key to promoting the economic stability.

According to statistics, in the first three quarters, the industrial added value of the district was up by 10.1% from the same period of last year. The above-scale industry achieved added value of 37.03 billion Yuan, an increase of 11.5%. The total above-scale industrial output reached 212.223 billion Yuan, an increase of 20.1% over the same period of last year.

The port-centered industry played a supporting role. In the first three quarters, the five port-centered industries realized 138.605 billion Yuan of output value, up by 20.9% over the same period of last year, driving the above-scale industrial output up by 13.6 percentage points.

At the same time, structural adjustments such as destocking and cutting overcapacity have also brought about improvements in the efficiency of industrial enterprises. In the first three quarters, the gross profit of the above-scale industry in our district was 14.207 billion Yuan, an increase of 29.9% over the same period of last year. The growth rate was 15.8 percentage points higher than that in the first half of the year.

With great industrial competitiveness, the district has always attached great importance to the development of the real economy and continuously implemented various policies on reducing costs andtaxes on enterprises. It has also given impetus to the investment in the real economy. In the first three quarters, the investment in the secondsector reached 19.846 billion Yuan, an increase of 3.2% over the same period of last year. The industrial investment reversed the downward trend in the first half of the year, with a total investment of 19.907 billion Yuan, an increase of 3.5% over the same period of last year.

Economic structure further optimized

According to the data of the first three quarters, the secondary and tertiary industries in the district accelerated to upgrade their medium and high-end businesses, which contributed to the economy of the district. The added value of the primary industry was 595 million Yuan, an increase of 2.3% year on year, that of the secondary industry 43.644 billion Yuan, an increase of 9.1% year on year, and that of the tertiary industry29.125 billion Yuan, an increase of 9.4% year on year.

"The transformation and upgrading of industries put higher demands on the service industry, especially the producer service industry. In return, the service industry can further promote the competitiveness of the industrial economy. The two are mutually reinforcing,” according to theperson in charge of the district’s statistical office.

In addition, the upgrading of consumptionbrought about greater demand and kept facilitating the growth of high-end service industries. In the first three quarters, the retail sales of social consumer goods in the district reached 17.564 billion Yuan, up by 19.5% over the same period of the previous year and with 4.1 percentage points of increase in the growth ratecompared with the first half of theyear. The retail sales of online commodities reached 255.920 billion Yuan, up by 25.3% from the same period of last year and with 4.6 percentage points of increase in the growth ratecompared with the first half of the previous year.

In addition to the service sector that has played a more important role, the trend toward the medium and highendin the economic structure wasalso reflected in the growth of emerging industries. In the first three quarters, the added value of hi-tech, equipment manufacturing and strategic emerging industries in the district increased by 17.4%, 18.4% and 16.7% respectively over the same period of previous year, all higher than the growth rate of the overall above-scale industry as a whole. The output value of new products reached 64.134 billion Yuan, up by 13.3% over the same period of last year.

The achievements were hard won. Analysts said that in the first three quarters, the stable and favorable economic development in the district cannot be separated from the innovation-driven development concept. "However, the continuous low investment in the industry may adversely affect the stable operation of the economy in the near future."

The data show that in the first three quarters, the industrial investment in the district was 19.907billion Yuan, up by 3.5% over the same period of last year. The equipment manufacturing, high-tech industries and strategic emerging industries accounted for 20.1%, 16.2% and 7.8% respectively, yet with the year-on-year decrease in the investment volume of 0.5%, 7.8% and 11.8% respectively.


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