On October 23, the Guangdong Provincial Bureau of Statistics released a summary of Guangdong's economic performance for the first three quarters of 2026.
According to unified regional GDP accounting results, Guangdong's gross domestic product reached 11,109.077 billion yuan in the first three quarters, up 4.6% year on year at constant prices.
Looking at recent years' data, this marks the first time Guangdong has matched the national growth rate since the third quarter of 2021, and it is the fastest same-period growth in five years.
The provincial statistics bureau noted in its analysis that since the third quarter, growth in Guangdong's agriculture, industry, consumption, imports and exports, and household income has accelerated compared with the first half of the year. The decline in investment has continued to narrow, the services sector has remained stable, prices have risen moderately, and the underpinnings for stable growth have continued to strengthen.
Among the three sectors, the primary industry's value added was 394.061 billion yuan, up 4.0%; the secondary industry's value added was 4,157.179 billion yuan, up 4.9%; and the tertiary industry's value added was 6,557.838 billion yuan, up 4.5%.
Agricultural production was favorable, with ample supply of agricultural products
In the first three quarters, the total output value of Guangdong's agriculture, forestry, animal husbandry, and fishery rose 4.4% year on year, 0.2 percentage points faster than in the first half.
The quality and output of vegetables, fruits, and specialty agricultural products improved. Vegetable output increased 1.7%, edible fungi output rose 5.1%, garden fruit output grew 4.0%, tea output rose 5.9%, and potted ornamental plant output increased 12.7%.
Pig capacity reduction proceeded relatively quickly, with live pig slaughter and pork output rising 8.6% and 8.7%, respectively.
Industrial production maintained relatively fast growth, with advanced manufacturing and high-tech manufacturing providing clear support
In the first three quarters, the value added of industrial enterprises above designated size in Guangdong rose 6.1% year on year, 0.3 percentage points faster than in the first half.
By sector, mining value added grew 13.4%, 4.6 percentage points faster than in the first half; manufacturing grew 5.7%, 0.3 percentage points faster; and the production and supply of electricity, heat, gas, and water grew 8.1%.
By industry, the electronics sector provided strong support, with value added in the manufacture of computers, communications, and other electronic equipment rising 11.2%, contributing 52.5% to the growth of industrial enterprises above designated size. The manufacture of special-purpose equipment, automobiles, and general-purpose equipment grew 14.0%, 12.4%, and 8.8%, respectively, with their growth rates accelerating by 2.8, 2.5, and 1.2 percentage points.
New growth drivers continued to expand. In the first three quarters, value added in advanced manufacturing and high-tech manufacturing above designated size rose 6.8% and 11.2%, respectively, exceeding the growth rate of all industrial enterprises above designated size by 0.7 and 5.1 percentage points. Their shares of industrial enterprises above designated size were 57.0% and 36.1%, up 1.5 and 2.3 percentage points from the same period last year.
By product, high-tech products maintained relatively rapid growth. Output of industrial robots, 3D printing equipment, and integrated circuits rose 34.2%, 71.0%, and 29.7%, respectively. Some green products also performed well, with output of new energy vehicles and lithium-ion batteries rising 52.1% and 37.7%.
Services growth was steady, with modern services performing well
In the first three quarters, value added in Guangdong's services sector rose 4.5% year on year.
Among these, value added in leasing and business services, information transmission, software and information technology services, and financial services grew 10.7%, 7.3%, and 6.8%, respectively.
From January to August, operating revenue of service enterprises above designated size rose 7.4% year on year. Among them, transportation, warehousing, and postal services grew 9.1%; leasing and business services grew 12.7%; and internet and related services and software and information technology services grew 8.1% and 7.5%, respectively.
Passenger and freight markets operated steadily. In the first three quarters, Guangdong's freight volume and freight turnover rose 0.4% and 9.0%, respectively. Among them, railway and waterway freight turnover grew 11.9% and 9.6%. Port cargo throughput increased 4.0%. Passenger volume and passenger turnover rose 7.2% and 5.8%, respectively, both 0.6 percentage points faster. Among them, high-speed rail passenger volume and passenger turnover grew 11.2% and 8.6%.
Market sales rebounded steadily, with relatively rapid growth in daily necessities and some upgraded goods
In the first three quarters, Guangdong's total retail sales of consumer goods rose 1.4% year on year, 0.1 percentage points higher than in the first half.
By location of business units, urban consumer goods retail sales grew 1.7%, while rural consumer goods retail sales fell 1.0%. By consumption type, catering revenue of units above designated size rose 3.9%, and retail sales of goods by units above designated size rose 1.2%.
Among daily necessities, retail sales of grain, oil, and food; beverages; and clothing, shoes, hats, and textiles by units above designated size rose 6.6%, 8.0%, and 17.0%, respectively.
Driven by the "Guangdong Quality Products Purchase" initiative and trade-in policies, some upgraded goods maintained relatively rapid growth. Retail sales of sports and entertainment goods, cultural and office supplies, and communication equipment by units above designated size rose 7.3%, 10.0%, and 41.7%, respectively, accelerating by 3.7, 9.1, and 8.4 percentage points from the first half.
Online retail growth accelerated. Retail sales of goods through public networks by units above designated size rose 10.7%, 2.4 percentage points faster than in the first half and 9.5 percentage points faster than retail sales of goods by units above designated size.
The decline in fixed asset investment continued to narrow, while investment in new growth driver industries grew relatively fast
In the first three quarters, Guangdong's fixed asset investment fell 9.2% year on year, with the decline narrowing for four consecutive months. Excluding real estate development investment, fixed asset investment fell 5.1%.
The effects of large-scale equipment renewal policies continued to show. Investment in purchases of equipment and tools surged 27.0%, 4.6 percentage points faster than in the first half. Infrastructure investment fell 2.9%, investment in water conservancy management rose 23.1%, and investment in internet and related services rose 374.8%.
Investment in new growth driver industries increased. Investment in high-tech industries (manufacturing) rose 10.9%. Among them, investment in the manufacture of electronic computers and office equipment rose 41.9%, and investment in the manufacture of electronic and communication equipment rose 11.3%.
Real estate development investment fell 20.2%, with the decline narrowing by 1.4 percentage points from the first half. Floor area of newly sold commercial housing fell 12.5%, with the decline narrowing for seven consecutive months.
Consumer prices rose moderately, while producer price increases widened
In the first three quarters, Guangdong's consumer price index (CPI) rose 0.9% year on year, 0.1 percentage points wider than in the first half. In September, CPI rose 1.1% year on year, 0.1 percentage points wider than the previous month.
In the first three quarters, Guangdong's producer price index (PPI) and industrial producer purchase price index (IPI) rose 1.0% and 3.0% year on year, respectively, with increases 0.6 and 1.0 percentage points wider than in the first half. In September, PPI and IPI rose 3.2% and 6.1% year on year, respectively, with increases 1.1 and 1.3 percentage points wider than the previous month.
Household income grew steadily, with rural residents' income growing faster than urban residents'
In the first three quarters, Guangdong's per capita disposable income of residents was 44,918 yuan, up 4.8% year on year in nominal terms and up 3.9% in real terms after deducting price factors.
By usual place of residence, urban residents' per capita disposable income was 53,459 yuan, up 4.4% year on year, or 3.4% in real terms after deducting price factors. Rural residents' per capita disposable income was 23,647 yuan, up 6.0% year on year, or 5.9% in real terms after deducting price factors.
The Guangdong Provincial Bureau of Statistics stated that, overall, Guangdong's economy made progress while maintaining stability in the first three quarters, and high-quality development achieved new results. However, it should also be noted that the international environment is complex and volatile, the problem of insufficient domestic demand remains prominent, and the foundation for the economy to improve while maintaining stability still needs to be consolidated.
In the next stage, it is necessary to adhere to the general principle of seeking progress while maintaining stability, implement more proactive and effective macroeconomic policies, accelerate the transformation of old and new growth drivers, step up efforts to expand domestic demand and optimize supply, effectively ensure and improve people's livelihoods, strengthen development momentum, stimulate social vitality, continue to consolidate the trend of stability and improvement, and go all out to complete the annual targets and tasks.
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