Sichuan's economy, mirroring the national trend, experienced a deceleration in growth during the second quarter, which consequently lowered the overall growth rate for the first half of the year. However, Sichuan's economic growth pace still surpassed the national average.
On July 16th, data released by the Sichuan Provincial Bureau of Statistics showed that the province's Gross Domestic Product (GDP) for the first half of the year reached 3,362.945 billion yuan, representing a year-on-year increase of 4.8% calculated at constant prices.
By sector, the added value of the primary industry was 195.346 billion yuan, up 3.6% year-on-year. The secondary industry's added value reached 1,164.108 billion yuan, growing 4.9%. The tertiary industry's added value was 2,003.492 billion yuan, also increasing by 4.8%.
In the first quarter of this year, Sichuan's GDP grew by 5.5% year-on-year, maintaining a stable growth level of 5.5% for three consecutive quarters. However, growth slowed in the second quarter, pulling the first-half growth rate down by 0.7 percentage points compared to the 5.5% seen in Q1.
A provincial statistics official stated that since the second quarter, the trajectory of Sichuan's economic operations has largely aligned with the national picture, with the growth rates of major indicators experiencing some decline. Challenges such as insufficient domestic demand, declining profitability, and the pains of economic transition have become intertwined, making difficulties in certain sectors more pronounced.
Nevertheless, the official also noted that Sichuan's 4.8% economic growth in the first half was 0.1 percentage points higher than the national average. Overall, the provincial economy advanced under pressure in the first six months, with its development potential continuously being released and resilience steadily strengthening, resulting in a hard-won mid-year performance report.
Within this context, the role of industry as the "main pillar" of the economy has become more prominent. The transformation of the manufacturing sector towards intelligent, green, and integrated development has been advanced in depth, and the capacity level of advanced manufacturing clusters has steadily risen. The added value of industrial enterprises above a designated size in the province increased by 6.4%, with the growth rate accelerating by 0.4 percentage points compared to the January-May period.
The official detailed that in the first half, among the 41 major industrial categories for enterprises above the designated size, 33 saw growth in added value, achieving an 80.5% growth coverage. Eight of the top ten industries expanded.
Driven by growing demand for computing power, the added value of the computer, communication, and other electronic equipment manufacturing industry increased by 10.0% year-on-year. Boosted by rising lithium battery prices, the electrical machinery and equipment manufacturing industry, and the chemical raw materials and chemical products manufacturing industry grew by 9.0% and 7.7%, respectively. Furthermore, propelled by summer heatwaves and the continuous release of new installed capacity, the production and supply of electricity and heat achieved double-digit growth for two consecutive months.
Moreover, the added value of the six dominant industries, which account for over 90% of the industrial sector, increased by 6.7% year-on-year, surpassing the growth rate of industrial enterprises above the designated size by 0.3 percentage points. Specifically, the energy and chemical industry, the electronic information industry, and the equipment manufacturing industry grew by 8.7%, 8.3%, and 7.3%, respectively. Together, these three industries contributed 4.6 percentage points to the growth of industrial enterprises above the designated size, providing strong support for the stable growth of the industrial economy.
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