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Qingdao's GDP rise 7.7% in Q1
Yudong Silica   2015-05-14 08:30:32 Author:ChinaDaily Source:China Daily Font size:[Large][Middle][Small]

Qingdao maintained a steady economic growth in the first quarter. Its gross domestic product (GDP) increased 7.7 percent to 180.1 billion yuan ($28.96 billion), according to the Qingdao statistics bureau.

The added value of the agriculture sector topped 2.82 billion yuan, 3.3 percent more than 2014; that of the industry sector topped 86.64 billion yuane, 7.3 percent more than in 2014; and the service industry grew 8.3 percent to 90.64 billion yuan.

Over the first quarter, industrial enterprises with annual sales above 20 million yuan enjoyed fast profit growth..

Their business income increased 10.1 percent to 360.18 billion yuan, and added value increased 7.5 percent. They realized 17.21 billion yuan of profits, up 20.2 percent over 2014.

Along with decreasing investment in real estate, the growth in fixed-asset investment in Qingdao slowed. It amounted to 81.44 billion yuan, 15 percent more than 2014, while investment in the real estate totaled 17.22 billion yuan, 7.6 percent less than 2014.

The total retail sales of consumer goods in Qingdao increased at a 9.9 percent annual rate to 86.9 billion yuan. Sales and accommodation and catering went up 10 percent and 9.8 percent respectively. Auto, grain and edible oils also grew rapidly.

In spite of the complex international situation, Qingdao expanded exports and increased the utilization of foreign capitals.

The actual utilization of foreign capital in the first quarter reached $1.92 billion, 10 percent more than 2014. However, total import and export volume amounted to $16.38 billion, 13.9 percent less than 2014. Import and export volume totaled $10.06 billion and $6.32 billion, respectively increasing 5.6 percent and decreasing 33.4 percent over the previous year.

Fiscal revenue maintained steady growth in the first quarter. Public budget revenues reached 25.1 billion yuan, up 10.6 percent over 2014; and public finance budget expenditures reached 23.85 billion yuan, up 20.5 percent over 2014.

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