Ningbo shows stable economic growth in Q1

Ningbo's gross domestic product (GDP) totaled 351.64 billion yuan ($54 billion) in the first quarter of this year, rising 5.3 percent on a yearly basis, 0.5 percentage points higher than the national average during the period.

The added value of the city's primary, secondary, and tertiary industries reached 5.51 billion yuan, 165.26 billion yuan, and 180.87 billion yuan, a year-on-year growth of 3.2 percent, 6.9 percent, and 4 percent respectively.

The added value of industrial enterprises above designated size in Ningbo expanded 8.5 percent year-on-year to 131.97 billion yuan in the three-three period.

Twenty-eight out of 35 major industries in the city reported positive growth in added value.

As the prime engines fueling local economic growth, investment in fixed assets and foreign trade also showed good performances.

From January to March, the city's investment in fixed assets achieved a year-on-year growth of 13.2 percent. Its exports accounted for 3.74 percent of the nation's total over the period, 0.22 percentage points higher the previous year.

Ningbo also posted a strong recovery in consumption in the past three months. The city's retail sales of social consumption goods during this period amounted to 111.29 billion yuan, a jump of 5.9 percent year-on-year.

The city's fiscal revenue rose by 10.1 percent to 122.39 billion yuan.

Income levels also improved. The city's overall per capita disposable income in the first quarter increased by 5.8 percent to 21,879 yuan. Per capita disposable income of urban residents rose to 24,803 yuan, while the figure for rural residents was 14,325 yuan.