According to the unified calculation of regional GDP, Guangdong achieved a regional GDP of 3,495.034 billion yuan in the first quarter, representing a year-on-year increase of 4.6% calculated at constant prices. On April 21, the Guangdong Provincial Bureau of Statistics released a brief overview of the economic performance for the first quarter. The data shows that since the beginning of this year, the growth rates of Guangdong's major macroeconomic indicators have picked up, with the overall economy continuing its recovery and improvement trend, marking a good start. Specifically, the value-added of industrial enterprises above the designated size increased by 5.4% year-on-year, which is 2.4 percentage points higher than the growth rate for the full year 2025. The value-added of the service sector grew by 4.5% year-on-year, while the total retail sales of consumer goods rose by 2.5% year-on-year, a growth rate higher than the national average. Furthermore, fixed-asset investment increased by 0.2% year-on-year, maintaining positive growth for two consecutive months. Excluding real estate development, the province's fixed-asset investment grew by 5.8%. The Provincial Bureau of Statistics analysis suggests that despite the external environment remaining complex and severe, and the foundation for economic recovery still needing consolidation, Guangdong's economy benefits from a solid foundation, abundant new quality productive forces, sustained release of policy effects, and continuously strengthening development vitality, providing a solid guarantee for the ongoing economic recovery and improvement.
The AI development boom has driven rapid growth in the electronics industry. In the first quarter, agricultural production in the province grew steadily, with stable supply of major agricultural products. The total output value of agriculture, forestry, animal husbandry, and fishery increased by 4.3% year-on-year. At the same time, industrial production grew at a relatively fast pace, with accelerated development of new quality productive forces. The value-added of industrial enterprises above the designated size in the province increased by 5.4% year-on-year, a growth rate 2.4 percentage points higher than that for the full year 2025. By sector, the value-added of the mining industry achieved double-digit growth at 18.8%, an acceleration of 15.8 percentage points compared to the full year. The manufacturing sector, and the production and supply of electricity, heat, gas, and water grew by 5.0% and 5.2% respectively, with growth rates increasing by 1.8 and 4.9 percentage points. Key industries provided stable support, with the manufacturing of computers, communication, and other electronic equipment growing by 13.4% year-on-year, an acceleration of 6.3 percentage points compared to the full year. The Provincial Bureau of Statistics analysis pointed out that the restoration of national subsidies stimulated demand for electronic products, while the rapid development of the AI industry increased demand for hardware equipment such as memory chips. Consequently, the electronics industry maintained high-speed growth and had a significant pulling effect. The manufacturing of computers, communication, and other electronic equipment achieved double-digit growth in value-added, contributing 3.6 percentage points to the growth of the value-added of industrial enterprises above the designated size in the province. In the first quarter, the value-added of advanced manufacturing and high-tech manufacturing increased by 7.0% and 11.9% respectively, which were 1.6 and 6.5 percentage points higher than the growth rate of industrial enterprises above the designated size. Their shares in the value-added of industrial enterprises above the designated size were 56.7% and 34.8% respectively, an increase of 0.5 and 0.1 percentage points compared to the full year. Since the beginning of this year, the output of high-tech products in the province has maintained rapid growth, with the output of industrial robots, 3D printing equipment, integrated circuits, and memory chips increasing by 45.2%, 63.6%, 43.1%, and 32.0% respectively.
The operating revenue of service enterprises above the designated size grew by 6.6% year-on-year. This year's Provincial High-Quality Development Conference focused on the coordinated development of manufacturing and services. How did the service sector perform in the first quarter? Data shows that the value-added of the service sector in the province grew by 4.5% year-on-year. Within this, the value-added of the financial industry, and the accommodation and catering industry increased by 7.8% and 4.0% respectively. From January to February, the operating revenue of service enterprises above the designated size increased by 6.4% year-on-year. The information transmission, software and information technology services sector, the leasing and business services sector, and the scientific research and technical services sector saw relatively fast revenue growth, increasing by 7.5%, 9.2%, and 16.3% respectively. Within these, the operating revenue of the internet and related services, and software and information technology services sectors grew by 7.8% and 9.9% respectively. Transportation operated smoothly. The province's freight volume and freight turnover increased by 3.2% and 9.6% year-on-year respectively, with growth rates accelerating by 3.0 and 1.6 percentage points compared to the full year. Passenger volume and passenger turnover increased by 8.4% and 8.5% respectively, with growth rates accelerating by 4.9 and 2.3 percentage points compared to the full year. Notably, high-speed rail passenger volume and passenger turnover increased by 13.6% and 10.9% respectively. Market sales also maintained steady growth. In the first quarter, the total retail sales of consumer goods in the province increased by 2.5% year-on-year, a growth rate 0.1 percentage points higher than the national average. Retail sales of consumer goods in urban areas grew by 2.8%, while those in rural areas grew by 0.2%. By consumption type, retail sales of goods by units above the designated size increased by 3.1%, and catering revenue from units above the designated size grew by 6.1%. Basic living goods and some upgraded goods maintained relatively fast growth. The retail sales of grain and oil, food; beverages; and tobacco and alcohol by units above the designated size increased by 7.3%, 7.4%, and 5.6% respectively. Retail sales of communication equipment grew by more than 20%, specifically 26.9%. The potential for online consumption continued to be released. The retail sales of goods achieved by units above the designated size via public networks increased by 11.4%, a growth rate 8.3 percentage points faster than the retail sales of goods by all units above the designated size.
Investment in equipment and tools surged by 42.3%. It is noteworthy that fixed-asset investment in Guangdong Province has maintained positive growth for two consecutive months, increasing by 0.2% year-on-year in the first quarter. Excluding real estate development investment, the province's fixed-asset investment grew by 5.8%. The effects of the large-scale equipment renewal policy continued to show, with investment in equipment and tools surging by 42.3%. By sector, infrastructure investment grew by 10.5%, maintaining double-digit growth for two consecutive months, with the growth rate accelerating by 18.7 percentage points compared to the full year. Within this, investment in the production and supply of electricity and heat grew by 12.0%, and investment in internet and related services surged by 524.0%. Industrial investment grew by 1.4%, with the growth rate accelerating by 15.8 percentage points. Within this, investment in the manufacturing of computers, communication, and other electronic equipment grew by 43.5%. Real estate development investment decreased by 14.8%, but the rate of decline narrowed by 8.8 percentage points. The floor space of newly built commercial housing sold decreased by 15.6%, with the rate of decline narrowing by 1.5 percentage points.
CPI growth expanded, per capita disposable income reached 16,096 yuan. In the first quarter, the provincial Consumer Price Index increased by 0.5% year-on-year, with the growth rate expanding by 0.7 percentage points compared to the full year. In March, the CPI increased by 0.7% year-on-year. In the first quarter, the Industrial Producer Price Index decreased by 1.2% year-on-year, with the rate of decline narrowing by 0.3 percentage points compared to the full year. Specifically, in March it decreased by 0.3% year-on-year, with the rate of decline narrowing by 1.4 percentage points compared to February. The Industrial Producer Purchase Price Index decreased by 0.1% year-on-year, with the rate of decline narrowing by 2.7 percentage points compared to the full year. Specifically, in March it shifted from a 0.2% decrease in February to a 1.2% increase. Regarding income, in the first quarter, the per capita disposable income of provincial residents was 16,096 yuan, a nominal increase of 4.4% year-on-year. After deducting price factors, the real increase was 3.9%. By place of residence, the per capita disposable income of urban residents was 19,196 yuan, a nominal increase of 3.9% year-on-year, with a real increase of 3.3% after price adjustment. The per capita disposable income of rural residents was 8,473 yuan, a nominal increase of 5.6% year-on-year, with a real increase of 5.9% after price adjustment.
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