Shandong reports steady economic performance in first half

Shandong province has reported robust economic growth in the first half of 2024, reflecting the province's commitment to steady progress and effective policy implementation.

The province's gross domestic product (GDP) reached 4.66 trillion yuan ($643.8 billion), marking a 5.8 percent year-on-year increase. This growth was driven by contributions from all major sectors.

Breaking it down by industry, the added value of the primary industry was 296.6 billion yuan, increasing by 3.8 percent year-on-year; the added value of the secondary industry was 1.82 trillion yuan, increasing by 7.1 percent; and the added value of the tertiary industry was 2.54 trillion yuan, increasing by 5.2 percent.

The province achieved a 3.9 percent year-on-year growth rate in the total output value of agriculture, forestry, animal husbandry, and fishery.

The added value of industries above designated size saw an 8.5 percent year-on-year growth rate.

The service sector, a significant contributor to the provincial economy, experienced a 5.2 percent increase in added value.

Consumer spending also remained strong, with total retail sales of consumer goods reaching 1.78 trillion yuan, up 5.5 percent year-on-year.

Foreign trade also performed well, with the province's total import and export volume reaching 1.62 trillion yuan, representing a 4.3 percent year-on-year increase. Exports totaled 995.43 billion yuan, while imports amounted to 623.67 billion yuan.

These positive economic indicators highlight Shandong's continued efforts to foster balanced and sustainable development.