Hangzhou sees GDP growth of 5.6 pct in 2023
en.hangzhou.com.cn   2024-01-25 16:20   Source: hangzhou.com.cn

Hangzhou saw its GDP increase by 5.6 percent to surpass 2 trillion yuan in 2023. In the face of challenges at home and abroad, Hangzhou's economy has kept a steady growth and achieved basic recovery and high-quality development.

The industrial added value was 435.5 billion yuan, up 2.4% and the added value of service industry was 1,404.5 billion yuan, increasing by 7.2%, contributing 89% to the GDP growth.

Investment, consumption, and exports became strong driving forces for steady growth. The industrial investment maintained double-digit growth for 36 consecutive months; the total retail sales of consumer goods reached 767.1 billion yuan, up 5.2%; the total import and export volume of goods was 803 billion yuan, with an increase of 6.1%.

Hangzhou's efforts in creating a good business environment, and enhancing modern industrial systems, laid a solid foundation for GDP growth. In the future, Hangzhou will continue to advance high-quality development.

Author: Text by Ye Lijiao  Editor: Ye Lijiao