Ningbo posts stable economic growth in Q1-3

The skyline of Ningbo, Zhejiang province. [Photo/WeChat account: nbfb0574]

Ningbo's gross domestic product for the first three quarters of this year soared to 1.26 trillion yuan ($177.4 billion), marking a 5.3 percent year-on-year increase, as announced by the Ningbo Municipal Bureau of Statistics on Oct 23.

The added value of the city's primary, secondary, and tertiary industries reached 25.69 billion yuan, 515.44 billion yuan, and 673.19 billion yuan, respectively, representing respective year-on-year increases of 3.9 percent, 6.1 percent, and 4.6 percent.

During the nine-month period, the city's agriculture, forestry, animal husbandry, and fishery industries rose by 4 percent to 27.03 billion yuan.

The upswing was also evident in the industry and service sectors. The added value of industrial enterprises above designated size in Ningbo expanded by 7.8 percent. Meanwhile, its service sector demonstrated a 4.6 percent year-on-year increase in added value.

Additionally, the city's investment in fixed assets and foreign trade showed stable growth, with the former registering a 3 percent increase, while the latter climbed by 10.3 percent to reach 1.05 trillion yuan.

Ningbo experienced a notable recovery in consumption during the same period. The city's retail sales of social consumption goods amounted to 377.46 billion yuan, up by 1.4 percent year-on-year.

Income levels also improved, with the city's overall per capita disposable income in the first quarter increasing by 4.2 percent to 59579 yuan in real terms after adjusting for price factors.