On July 23, Guangdong Province released its economic performance report for the first half of 2026. The data shows a gross regional product of 7,228.105 billion yuan, a year-on-year increase of 4.5%. The province's industrial output value above the designated size grew by 5.8% year-on-year, with the computer, communication, and other electronic equipment manufacturing sector rising by 11.6%, and the automotive manufacturing sector increasing by 9.9%. The service sector's added value grew by 4.5% year-on-year, with the financial industry, information transmission, software and information technology services, and leasing and business services sectors rising by 8.5%, 8.2%, and 9.3%, respectively.
The provincial statistics bureau stated that the economy operated steadily in the first half, with new momentum growing rapidly and high-quality development advancing toward innovation and excellence. However, it also noted that external uncertainties and instability factors remain high, the domestic contradiction between strong supply and weak demand is still prominent, and the foundation for economic improvement still needs consolidation.
Based on unified regional GDP accounting, the province achieved a GDP of 7,228.105 billion yuan in the first half, calculated at constant prices, up 4.5% year-on-year. Among them, the added value of the primary industry was 224.894 billion yuan, an increase of 3.8%; the secondary industry added value was 2,732.761 billion yuan, up 4.7%; and the tertiary industry added value was 4,270.45 billion yuan, up 4.5%. Compared with the GDP growth data for the first half of the past three years, this year's growth rate exceeded the same period in 2024 (3.9%) and 2025 (4.2%), marking the first time in three years that the half-year growth rate reached the expected growth target.
Industrial Electronics and Information as Main Growth Pillar
Industrial production grew relatively quickly in the first half. The province's industrial output value above the designated size increased by 5.8% year-on-year, accelerating by 0.4 percentage points from the first quarter. By category, mining added value grew by 8.8%, manufacturing by 5.4%, and electricity, heat, gas, and water production and supply by 8.9%. By industry, the electronic information sector was the main pillar, with the computer, communication, and other electronic equipment manufacturing sector growing by 11.6%, contributing 56.9% to the industrial output above the designated size; the automotive manufacturing sector grew by 9.9%; electricity and heat production and supply grew by 10.8%; and equipment manufacturing grew rapidly, with special equipment manufacturing and general equipment manufacturing rising by 11.2% and 7.6%, respectively.
By product, high-tech products maintained rapid growth, with industrial robot, 3D printing equipment, and integrated circuit output increasing by 34.2%, 51.8%, and 29.7%, respectively. Green products performed well, with new energy vehicle and lithium-ion battery output growing by 48.4% and 32.2%, respectively. High-end manufacturing growth was positive. The added value of advanced manufacturing and high-tech manufacturing above the designated size grew by 6.9% and 11.1%, respectively, outpacing the industrial growth rate by 1.1 and 5.3 percentage points. These sectors accounted for 57.2% and 35.8% of the province's industrial output above the designated size, increasing by 1.8 and 2.8 percentage points compared with the same period last year.
Services: High-Speed Rail Passenger Volume Up 11.1%
In the first half, the service sector grew steadily, with modern services improving. The added value of the service sector increased by 4.5% year-on-year. Among them, the financial industry, information transmission, software and information technology services, and leasing and business services sectors grew by 8.5%, 8.2%, and 9.3%, respectively. From January to May, the operating revenue of service enterprises above the designated size grew by 7.3% year-on-year, accelerating by 1.0 percentage points from the January-April period. Among these, the operating revenue of internet-related services and software and information technology services grew by 10.3% and 8.6%, respectively.
The freight and passenger transport markets operated steadily. In the first half, the province's freight volume increased by 1.4%, and freight turnover grew by 9.9%, with railway and waterway freight turnover rising by 11.5% and 10.7%, respectively. Port cargo throughput grew by 3.8%. Passenger volume and passenger turnover increased by 6.6% and 5.2%, respectively, with high-speed rail passenger volume and turnover rising by 11.1% and 9.0%, respectively.
Consumption: Online Retail Maintains Relatively Fast Growth
On the consumption front, market sales grew steadily. In the first half, the province's total retail sales of consumer goods increased by 1.3% year-on-year. By location, urban retail sales grew by 1.4%, while rural retail sales fell by 0.2%. By type, catering revenue above the designated size grew by 4.4%, and retail sales of goods above the designated size increased by 0.3%. Sales of basic necessities and some upgraded goods grew faster. Retail sales of grain, oil, and food products above the designated size grew by 6.4%; beverages by 7.6%; clothing, shoes, hats, textiles, and knitwear by 19.3%; cosmetics by 7.5%; communication equipment by 33.3%; and new energy vehicles by 9.3%. Online retail maintained relatively fast growth, with retail sales of goods above the designated size through public networks growing by 8.3%, 8.0 percentage points faster than the growth rate for retail sales of goods above the designated size.
Investment: High-Tech Industry Investment Up 9.8%
In the first half, the province's fixed asset investment fell by 11.4% year-on-year. Excluding real estate development investment, fixed asset investment declined by 7.6%. The effect of large-scale equipment renewal policies continued to show, with investment in equipment and tool purchases surging by 22.4%. Infrastructure investment fell by 2.5%, with water conservancy management investment growing by 15.6% and internet-related services investment surging by 399.5%. Industrial investment momentum continued to be released, with high-tech industry investment growing by 9.8%, including electronic computer and office equipment manufacturing investment rising by 67.7% and electronic and communication equipment manufacturing investment growing by 7.8%. Real estate development investment fell by 21.6%, and the sales area of new commercial housing fell by 13.3%, narrowing by 2.3 percentage points from the first quarter.
Income: Per Capita Disposable Income Reaches 29,667 Yuan
In the first half, the province's Consumer Price Index (CPI) rose by 0.8% year-on-year, expanding by 0.3 percentage points from the first quarter. In June, the CPI rose by 1.2% year-on-year. The Producer Price Index (PPI) for industrial products rose by 0.4% year-on-year in the first half, expanding by 1.6 percentage points from the first quarter, with a 2.3% increase in June. The Purchasing Price Index (IPI) for industrial producers rose by 2.0% year-on-year in the first half, expanding by 2.1 percentage points from the first quarter, with a 4.9% increase in June. Resident income increased steadily, with rural residents' income growth outpacing that of urban residents. In the first half, the province's per capita disposable income was 29,667 yuan, a nominal increase of 4.7% year-on-year. After deducting price factors, the real increase was 3.9%. By residence, urban residents' per capita disposable income was 35,358 yuan, up 4.2% year-on-year, with a real increase of 3.3% after price adjustment; rural residents' per capita disposable income was 15,493 yuan, up 5.9% year-on-year, with a real increase of 5.8% after price adjustment.
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