The economy of Guangdong province operated with overall stability and a trend towards new, high-quality development in the first half of 2026. Production and supply grew at a relatively fast pace, new quality productive forces were cultivated at an accelerated rate, household incomes increased steadily, and development resilience continued to strengthen.
According to the unified accounting results for regional gross domestic product, Guangdong's GDP reached 7.228105 trillion yuan in the first half of the year, representing a year-on-year increase of 4.5% calculated at constant prices. The value added of the primary industry was 224.894 billion yuan, up 3.8%. The secondary industry contributed 2.732761 trillion yuan, growing by 4.7%, while the tertiary industry's value added was 4.270450 trillion yuan, also rising 4.5%.
Agricultural Production and Food Supply
The total output value of agriculture, forestry, animal husbandry, and fishery in the province increased by 4.2% year-on-year. The spring grain output for 2026 grew by 1.5%, marking the seventh consecutive year of growth. Vegetable output rose by 1.0%, garden fruit output increased by 4.0%, and tea output expanded by 6.4%. Hog slaughter volume grew by 8.4%, and the inventory of live pigs at the end of the second quarter was up 6.5%.
Industrial Performance and Advanced Manufacturing
The value added of industrial enterprises above a designated size in the province increased by 5.8% year-on-year, with the growth rate accelerating by 0.4 percentage points compared to the first quarter. By sector, mining grew by 8.8%, manufacturing increased by 5.4%, and the production and supply of electricity, heat, gas, and water rose by 8.9%.
The electronics and information industry remained a key pillar. The value added for the manufacture of computers, communication, and other electronic equipment surged 11.6%, contributing 56.9% to the growth of industrial enterprises above the designated size. The automotive manufacturing sector grew by 9.9%, and the production and supply of electricity and heat increased by 10.8%. Equipment manufacturing saw rapid growth, with the manufacture of special-purpose equipment and general-purpose equipment rising by 11.2% and 7.6%, respectively.
In the first half, the value added of advanced manufacturing and high-tech manufacturing enterprises above the designated size grew by 6.9% and 11.1%, respectively. These rates were 1.1 and 5.3 percentage points higher than the overall industrial growth rate. Their shares in the province's total industrial output above the designated size reached 57.2% and 35.8%, increasing by 1.8 and 2.8 percentage points year-on-year.
Output of high-tech products maintained rapid growth. Production of industrial robots, 3D printing equipment, and integrated circuits increased by 34.2%, 51.8%, and 29.7%, respectively. Green products also showed strong growth, with output of new energy vehicles and lithium-ion batteries rising by 48.4% and 32.2%.
Service Sector Stability and Modern Services
The value added of the service sector in the province grew by 4.5% year-on-year. Within this, the financial sector, information transmission, software and IT services, and leasing and business services grew by 8.5%, 8.2%, and 9.3%, respectively.
From January to May, the operating revenue of service enterprises above the designated size increased by 7.3% year-on-year, with the growth rate accelerating by 1.0 percentage points compared to the January-April period. Revenue from internet and related services and software and IT services grew by 10.3% and 8.6%, respectively.
Passenger and freight transport markets operated smoothly. Provincial freight volume increased by 1.4% in the first half, with freight turnover up 9.9%. Railway and waterway freight turnover grew by 11.5% and 10.7%, respectively. Port cargo throughput increased by 3.8%. Passenger volume and passenger turnover rose by 6.6% and 5.2%, respectively, with high-speed rail passenger volume and turnover increasing by 11.1% and 9.0%.
Retail Sales and Consumer Trends
Total retail sales of consumer goods in the province increased by 1.3% year-on-year. By location, urban retail sales grew by 1.4%, while rural retail sales declined by 0.2%. By type, catering revenue from above-designated-size units grew by 4.4%, and retail sales of goods from such units increased by 0.3%.
Sales of daily necessities and some premium goods grew rapidly. Retail sales of grain, oil, and food; beverages; clothing, shoes, hats, and textiles; and cosmetics from above-designated-size units increased by 6.4%, 7.6%, 19.3%, and 7.5%, respectively. Sales of communication equipment surged 33.3%, and new energy vehicle sales grew by 9.3%.
Online retail maintained a relatively fast growth rate, with commodity retail sales via public networks from above-designated-size units rising 8.3%, which was 8.0 percentage points faster than the growth of overall retail sales from such units.
Fixed Asset Investment Trends
Provincial fixed asset investment fell by 11.4% year-on-year. Excluding real estate development investment, fixed asset investment declined by 7.6%. The effects of policies promoting large-scale equipment renewal continued to show, with investment in equipment, tools, and instruments surging by 22.4%.
Infrastructure investment decreased by 2.5%, though investment in water conservancy management grew by 15.6%, and investment in internet and related services skyrocketed by 399.5%. Momentum from industrial investment continued to be released, with high-tech industry investment growing by 9.8%. Within this, investment in the manufacture of electronic computers and office equipment soared by 67.7%, and investment in the manufacture of electronic and communication equipment increased by 7.8%.
Real estate development investment fell by 21.6%. The sales area of newly built commercial housing decreased by 13.3%, though this decline narrowed by 2.3 percentage points compared to the first quarter.
Price Indices Movement
The provincial Consumer Price Index (CPI) rose by 0.8% year-on-year in the first half, with the increase expanding by 0.3 percentage points from the first quarter. In June alone, the CPI increased by 1.2%.
The provincial Producer Price Index (PPI) for industrial products increased by 0.4% year-on-year in the first half, with the rise expanding by 1.6 percentage points from the first quarter. In June, the PPI rose by 2.3%. The Industrial Producer Purchase Price Index (IPI) increased by 2.0% year-on-year, with the increase expanding by 2.1 percentage points from the first quarter. In June, the IPI rose by 4.9%.
Household Income Growth
The per capita disposable income of provincial residents reached 29,667 yuan in the first half, a nominal increase of 4.7% year-on-year. After adjusting for price factors, real growth was 3.9%.
By residence, the per capita disposable income of urban residents was 35,358 yuan, a nominal increase of 4.2% and a real increase of 3.3% after price adjustment. The per capita disposable income of rural residents was 15,493 yuan, a nominal increase of 5.9% and a real increase of 5.8% after price adjustment.
The Guangdong Provincial Bureau of Statistics noted that overall, the provincial economy operated steadily in the first half, with new growth drivers developing rapidly and high-quality development progressing towards new and superior outcomes. However, it was also pointed out that numerous external unstable and uncertain factors persist, the domestic contradiction of strong supply and weak demand remains prominent, and the foundation for sustained economic improvement still requires consolidation.
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