Wuxi's GDP grows 2.5% in first three quarters

Wuxi realized a GDP of 869.75 billion yuan ($129.6 billion) in the first three quarters of this year, growing 2.5 percent year on year, local media reported Oct 27.

The city's economic growth indicators have generally increased over the first half of the year. Agricultural production has started to rebound, the recovery of high-tech industries has accelerated, and the decline of foreign trade slowed.

In the first three quarters, industrial enterprises above designated size also recovered, with their added value up 3.0 percent to 1.26 trillion yuan. From January to August, the city's service industry above designated size achieved an operating income of 69.762 billion yuan, up 3.9 percent year-on-year.

The city's industrial value added in the first three quarters grew 3.1 percent, 2.4 percentage points higher than the first half of the year, and contributing significantly to economic growth. The 50 industrial enterprises with the strongest R & D capabilities and strong ability to drive the industrial chain saw their output value grow by 13.4 percent over last year.

The strategic emerging industries also performed well, with a number of high-quality domestic and overseas biomedical enterprises have begun operating in the Wuxi International Life Science Innovation Park.

As COVID-19 wanes in Wuxi, residents are increasingly willing to consume, with total retail sales of consumer goods in the first three quarters down just 3.9 percent to 213.1 billion yuan, 5.0 percentage points higher than in the first half of the year.