On March 19, the Guangdong Provincial Bureau of Statistics released a summary of economic performance for the January-February period. Overall, key economic indicators in Guangdong, including industrial output and consumption, showed significant improvement, indicating a positive start to the year. From January to February, the value-added of industrial enterprises above the designated size in Guangdong increased by 7.9% year-on-year, accelerating by 4.9 percentage points compared to the full-year growth rate of the previous year. Fixed-asset investment shifted from decline to growth, reversing the downward trend observed since May 2024. During the same period, the total retail sales of consumer goods in the province rose by 4.6% year-on-year, up 1.8 percentage points from the full-year growth rate of the prior year.
Industrial production growth accelerated, supported by key sectors. Data shows that from January to February, the value-added of industrial enterprises above the designated size in Guangdong exceeded the national average growth of 6.3%. Key industries provided strong support, with continued rapid growth in the output of new-quality products such as industrial robots and 3D printing equipment. By sector, mining output increased by 5.5%, up 2.5 percentage points; manufacturing grew by 7.8%, up 4.6 percentage points; and the production and supply of electricity, heat, gas, and water rose by 10.2%, accelerating by 9.9 percentage points. Key industries demonstrated robust performance: the manufacturing of computers, communication equipment, and other electronic devices grew by 14.2%; electrical machinery and equipment manufacturing increased by 7.8%; the production and supply of electricity and heat rose by 12.5%; and specialized equipment manufacturing expanded by 16.6%. Collectively, these sectors contributed 6.0 percentage points to the growth of industrial enterprises above the designated size. Additionally, the processing of petroleum, coal, and other fuels; rubber and plastic products; and raw chemical materials and chemical products grew by 8.1%, 8.2%, and 7.9%, respectively. In terms of product output, new-quality products showed strong growth momentum: the output of industrial robots, 3D printing equipment, and integrated circuits increased by 68.0%, 63.7%, and 47.5%, respectively. Household appliance production also grew rapidly, with output of household refrigerators and washing machines rising by 14.1% and 11.9%, respectively.
Fixed-asset investment turned from decline to growth, with investment in equipment, tools, and instruments recording double-digit growth. From January to February, fixed-asset investment in the province increased by 0.9% year-on-year, up 18.2 percentage points from the full-year growth rate of the previous year, reversing the downward trend observed since May 2024. Excluding real estate development investment, fixed-asset investment grew by 9.0%. The policy effect of large-scale equipment renewal was evident, with investment in equipment, tools, and instruments surging by 53.2%, up 49.5 percentage points from the full-year growth rate of the prior year. By sector, infrastructure investment played a significant supporting role, rising by 15.6% year-on-year, up 23.8 percentage points. Within this category, investment in the production and supply of electricity and heat, water transport, and air transport increased by 30.2%, 53.1%, and 51.1%, respectively. Industrial investment grew by 3.9%, accelerating by 18.3 percentage points, with investment in oil and natural gas extraction and in the manufacturing of computers, communication equipment, and other electronic devices rising by 59.7% and 31.6%, respectively. Investment in high-tech manufacturing increased by 18.7%, up 33.4 percentage points. Modern services investment grew rapidly, with investment in internet and related services and in software and information technology services surging by 3.6 times and 6.4 times, respectively. Investment in scientific research and innovation also expanded, with research and experimental development investment rising by 40.2%. Real estate development investment declined by 17.8%, though the rate of decline narrowed by 5.8 percentage points; the sales area of newly built commercial housing fell by 20.4%.
Market sales growth rebounded, with online consumption playing a significant role. From January to February, the total retail sales of consumer goods in the province increased by 4.6% year-on-year, up 1.8 percentage points from the full-year growth rate of the previous year. By location, urban consumption grew by 5.1%, while rural consumption increased by 0.3%. By type of consumption, retail sales of goods above the designated limit rose by 8.5%, and catering revenue above the designated limit increased by 7.8%. Sales of basic living goods grew rapidly, while growth in apparel and cosmetics accelerated noticeably. Initiatives such as "Purchasing High-Quality Guangdong Products" and trade-in policies drove rapid growth in related goods: retail sales of sports and entertainment goods, household appliances and audio-video equipment, cultural and office supplies, furniture, communication equipment, and building and decoration materials above the designated limit increased by 17.0%, 25.4%, 11.9%, 31.6%, 28.0%, and 29.2%, respectively. Automobile sales rebounded significantly, with retail sales of automobiles above the designated limit growing by 12.7%, up 16.1 percentage points, including a 17.8% increase in new energy vehicles, accelerating by 6.1 percentage points. Online consumption potential continued to be unleashed, with commodity retail sales via public networks above the designated limit rising by 19.3%, 10.8 percentage points faster than the growth of total retail sales above the designated limit.
Consumer prices rose moderately, while industrial prices remained generally stable. From January to February, the Consumer Price Index (CPI) increased by 0.4%; in February, CPI shifted from a 0.7% decline in January to a 1.4% increase. From January to February, the Industrial Producer Price Index (PPI) fell by 1.6%, and the Industrial Purchaser Price Index (IPI) declined by 0.7%; in February, PPI and IPI decreased by 1.7% and 0.2%, respectively.
Transportation market activity increased, with port cargo throughput growing rapidly. From January to February, the province's freight volume and freight turnover increased by 9.0% and 12.1%, respectively, up 8.8 and 4.1 percentage points from the full-year growth rates of the previous year. Among these, waterway freight volume and freight turnover both rose by 12.8%, accelerating by 14.2 and 3.7 percentage points, respectively; air freight volume and freight turnover increased by 7.3% and 10.5%, respectively. Passenger volume and passenger turnover grew by 8.4% and 6.1%, respectively. High-speed rail passenger volume and passenger turnover rose by 13.5% and 7.9%, respectively, up 7.0 and 3.3 percentage points; air passenger volume and passenger turnover increased by 4.3% and 6.8%, respectively. Port cargo throughput grew by 10.3%, accelerating by 8.4 percentage points; port container throughput increased by 8.4%, up 3.9 percentage points.
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