Hainan's GDP increases 1.6 percent in H1

Hainan's GDP in the first half of the year reached 314.46 billion yuan ($46.47 billion), increasing 1.6 percent year-on-year.

Cheng Shaolin, chief statistician of the Hainan Provincial Bureau of Statistics, said that in the first quarter of this year, Hainan's economy continued its rapid growth from the previous year. However, its GDP fell by 2.5 percent year-on-year in the second quarter of the year, due to the impact of the COVID-19 pandemic and import inflation.

In the first half of this year, Hainan's fixed asset investment grew rapidly, with a year-on-year increase of 7.3 percent. Its industrial investment increased by 13.8 percent year-on-year, 6.5 percentage points higher than the provincial investment growth rate. Its infrastructure investment increased by 15.6 percent, its public service investment grew by 3 percent, and its real estate development investment decreased by 2.1 percent.

Affected by the pandemic, the total retail sales of social consumer goods in Hainan fell by 5.9 percent year-on-year in the first half of the year.

In June, the province saw increases in overall economic indicators. The added value of industries above designated size (annual turnover of over 20 million yuan) grew 3.5 percent, the total retail sales of consumer goods increased by 2.7 percent, and investment in fixed assets surged by 7 percent.