Yantai GDP surpasses 193b yuan, up 18.6% in Q1

Yantai, a coastal city in East China's Shandong province, saw steady economic growth in the first three months of this year, according to the city's news conference on April 27.

The city's GDP hit 193.09 billion yuan ($29.83 billion), a year-on-year increase of 18.6 percent, during the period.

The added value of industries above designated size increased by 29.5 percent year-on-year, five percentage points higher than the national average. The city's manufacturing industries, including chemical raw materials, computer communications, and automobiles, saw significant growth during this period.

In the first quarter, fixed asset investment grew by 14.2 percent year-on-year, up 12.8 percent from the same period in 2019, while the two-year average growth rate was 6.2 percent.

The added value of the service sector grew 16.6 percent year-on-year, while the figure in the modern service sector grew by 11.6 percent year-on-year.

The city's imports and exports reached 95.59 billion yuan, up 69.1 percent year-on-year, an increase of 53.6 percent over the same period in 2019, while the two-year average growth rate was 23.9 percent.