Shandong economy sees robust growth in Q1

(| Updated : 2024-04-23

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Shandong's economy demonstrated strong growth momentum in the first quarter of this year, with its GDP exceeding 2.1 trillion yuan ($289.8 billion), an increase of 6 percent year-on-year, as revealed at a news conference held on April 19 by the Information Office of Shandong Provincial People's Government.

Shandong's agricultural, forestry, animal husbandry, and fishery sectors achieved a total output value of 146.51 billion yuan ($20.2 billion) in the first quarter, marking a 3.9 percent year-on-year increase.

Retail sales of consumer goods in Shandong province reached 883.82 billion yuan in the first quarter, demonstrating a 6.7 percent year-on-year growth. Online retail sales of physical goods in the province witnessed a 10 percent year-on-year increase, indicating a robust recovery in the consumer market and rapid growth in online consumption.

Shandong's foreign trade continued to expand, with its trade structure showing steady improvement. In the first quarter, the province's total imports and exports amounted to 770 billion yuan, representing a 5.5 percent year-on-year increase. Exports reached 470.62 billion yuan, up 11 percent, while imports totaled 299.44 billion yuan, down 2.1 percent.