Guangdong’s value-added industrial output jump 5.7% in first seven months of 2024

In the first seven months of this year, Guangdong's industrial production achieved steady growth, and the manufacturing industry continued to maintain good growth momentum. From January to July, the province's industrial added value above designated size hit 2.29 trillion RMB, a year-on-year increase of 5.7%, and the manufacturing industry increased by 5.7%, according to the Guangdong Provincial Bureau of Statistics.

Notably, key industries such as computer, communication, and other electronic equipment manufacturing saw remarkable growth at 17.7%, slightly up from 17.6% in the first half of the year. This growth contributed 4.1 percentage points to the overall industrial increase above designated size in the province.

High-tech products have also shown impressive performance, with production increases in several categories: new energy vehicles (24.8%), smartphones (19.2%), integrated circuits (30.5%), and industrial robots (32.0%).

In terms of investment, excluding real estate development, fixed asset investment in Guangdong grew by 5.7% in the first seven months. Driven by large-scale equipment renewal policies, investment in equipment and tools maintained a relatively high double-digit growth rate.

As for transportation, freight volume and turnover saw increases of 0.1% and 3.5% respectively. Civil aviation freight witnessed substantial growth, with volumes increasing by 23.5% and turnover by 22.2%. Moreover, port cargo throughput rose by 5.0%.

Infrastructure investment grew by 0.3%, with notable increases in specific sectors: railway transport investment (15.1%), as well as electricity, heat production, and supply investment (8.1%).

High-tech industries investment increased by 18.0%, with investment in high-tech manufacturing and high-tech services increasing by 21.1% and 5.2% respectively.

Consumer markets have also shown stable growth, particularly in basic and upgraded consumption categories. From January to July, the total retail sales of consumer goods reached 2.73 trillion RMB, reflecting a 1.0% year-on-year increase.

Regarding price trends, the consumer price index (CPI) has seen a mild rise, while industrial product prices have faced a narrowing decline. The CPI increased by 0.1% year-on-year, consistent with the rise observed in the first half of the year, while the producer price index (PPI) dropped by 1.5%, matching the decrease recorded earlier in the year.

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