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Hangzhou's GDP exceeds 500 billion yuan in Q1

ezhejiang.gov.cn| Updated: April 25, 2024 L M S

Hangzhou's GDP reached 511.2 billion yuan ($70.55 billion) in the first quarter, a year-on-year increase of 5.1 percent.

Overall, the first quarter witnessed stable growth in industry, investment, and foreign trade, with the service industry making a significant contribution.

Profitable service industries such as information transmission software and information technology services saw a value-added growth of 11.6 percent. Meanwhile, the added value of transportation, warehousing, and postal services increased by 5.7 percent, while that of accommodation and catering services grew by 4.2 percent.

The industrial sector, as the backbone of the economy, saw steady growth, with core industries of the digital economy, including equipment manufacturing and new energy, witnessing encouraging value-added growth.

Hangzhou's imports and exports achieved steady growth as well, reaching a total of 188.7 billion yuan in the first quarter, up by 5.7 percent year-on-year. Investment steadily increased, with industrial investment growing by 13.8 percent in the first quarter, achieving double-digit high growth for the 13th quarter in a row. Investment in manufacturing increased by 12.5 percent, while investment in high-tech industries increased by 9.1 percent.

Additionally, in the first quarter, the per capita disposable income of the city's residents reached 24,078 yuan, up by 5.2 percent year-on-year. Rural residents' income growth outpaced that of urban residents. Meanwhile, overall consumer prices remained stable, with the city's consumer price index rising by 0.2 percent year-on-year.