In 2018, Nanyang saw steady economic growth and ranked third in Henan province with a GDP reaching 356.68 billion yuan ($52.79 billion), up 7.2 percent year on year, according to the local statistics bureau.
The total value of the primary industry was 52.41 billion yuan, up 3.8 percent year-on-year, the value of the secondary industry was 147.52 billion yuan, an increase of 6.5 percent, and the value of the tertiary industry was 156.76 billion yuan, up 9.5 percent. The proportion of the tertiary industry experienced a 2.5 percent increase and saw an improvement in its industrial structure.
Technology industries developed rapidly and saw a year-on-year increase of 13.9 percent in their added value in 2018. A total of six thriving sectors, including electronic information, equipment manufacturing, and smart home devices, saw year-on-year growth of 6.4 percent in Nanyang in 2018.
Infrastructure investment skyrocketed last year, growing by 27.3 percent, 17.7 percentage points higher than the growth rate of fixed-asset investments.
In 2018, the service sector accounted for 59 percent of Nanyang's GDP and continued to play an important role in driving local growth. The modern service industry contributed to the city's overall 38.8 percent growth with a 15.8 percent year-on-year increase, 11.4 percentage points higher than the traditional service industry. As the city continues to move forward with its Internet Plus policy and big data strategy, Nanyang has been maintaining rapid growth in its internet and modern service sectors.
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