Yang Yunfei

1017800664@qq.com

SHENZHEN’S economy got off to a robust start in the first quarter (Q1) of 2024, underpinned by solid growth in foreign trade and robust growth in high-tech industrial output.

Official data released by the city’s statistics bureau Thursday showed that Shenzhen’s gross domestic product (GDP) grew to 831.50 billion yuan (US$114.75 billion), an increase of 6.4% compared with the same period a year ago.

China’s economy grew 5.3% in the first quarter from a year ago, accelerating from the 5.2% growth in the previous three months, and driven mainly by robust growth in high-tech manufacturing. Meanwhile, Guangdong’s economy achieved a growth of 4.4% from a year ago between January and March, an increase of 0.4 percentage points over the same period last year.

A breakdown of Shenzhen’s overall economic performance in the first three months of the year shows the added value of the primary industry edged up 0.6% year on year to 498 million yuan.

The added value of the secondary industry expanded 10.3% from a year ago to 281.23 billion yuan. The added value of the tertiary industry grew to 549.77 billion yuan, a year-on-year growth of 4.5%.

The added value of high-tech manufacturing increased 13.1% year on year, led by firms such as new energy vehicle giant BYD and tech heavyweight Huawei.

BYD, the world’s largest maker of new energy vehicles, reported a year-on-year increase of 13.4% in production in the first quarter to 612,315 units.    (Continued on P3)