On October 26, the Guangzhou Municipal Bureau of Statistics released an overview of the city’s economic performance for the first three quarters of 2024. According to the report, Guangzhou’s GDP reached 22,149.95 billion yuan, reflecting a year-on-year growth of 2.0% when calculated at constant prices.
Breaking it down by industry, the gross value added of the primary sector was 21.728 billion yuan, showing a decline of 2.6% compared to the previous year. The secondary sector, on the other hand, contributed 5,422.00 billion yuan, marking a 1.1% increase. The tertiary sector saw the most significant growth, with a gross value added of 16,510.67 billion yuan, which is a 2.4% increase year-on-year.
Furthermore, in terms of foreign trade, the total value of Guangzhou’s imports and exports for the first three quarters amounted to 8,131.8 billion yuan, which represents a slight increase of 0.1% despite previously experiencing negative growth. Exports alone rose by 2.9%, highlighting an ongoing optimization in the structure of exported goods. Notably, the export value of high-tech products grew by 7.1%, with significant increases in the exports of optical-electrical products (up 28.3%), materials (up 44.3%), and aerospace products (up 65.1%).
In fixed asset investment, Guangzhou reported a year-on-year growth of 2.3%. When looking at the various sectors, however, real estate development investment saw a decrease of 10%, along with a 10% drop in the sales area of commercial housing. In contrast, infrastructure investment rose sharply by 12.5%, and industrial investment experienced remarkable growth at 18%, particularly within high-tech manufacturing, indicating a strong investment trend in this area.
