On April 25, the information office of the Qingdao municipal government held a press conference to introduce Qingdao’s economic performance in the first quarter of 2024. Over the quarter, Qingdao’s GDP amounted to RMB 374.354 bln, growing by 5.9% year on year, calculated according to constant prices. To be specific, the value added of the primary, secondary and tertiary industry amounted to RMB 3.677 bln, RMB 117.814 bln and RMB 252.863 bln, increasing year-on-year by 4.0%, 8.4% and 4.7%, respectively.

In the first quarter, the value added of industries above designated scale increased by 10.0% year-on-year, 4.2 percentage points faster from the corresponding period in 2023. An increasing number of sectors have reported growth. 28 of 35 sectors posted growth, accounting for 80%, expanding by 20.0 percentage points from the year before. The equipment manufacturing sector stood out with its brilliant performance. The value added of equipment manufacturing enterprises above designated scale gained by 10.5% year-on-year, 0.5 percentage points higher than the average level.

Over the first quarter, the value added of the service sector increased by 4.7% year-on-year, accounting for 67.5% of the city’s GDP and with a 53.5% contribution rate for economic growth. The producer services sector enjoyed a sound momentum of growth. In the first quarter, the value added of the producer services sector amounted to RMB 150.91 bln, increasing by 7.2% year-on-year and with a 48.2% contribution rate for economic growth.  (Sun Xin)