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Guangdong's GDP growth slows to 7.2% in Q1

Apr. 20, 2012 (China Knowledge) - South China's Guangdong Province saw its gross domestic product grow 7.2% year on year to RMB 1.15 trillion in the first quarter of this year, according to the latest statistics released by the Guangdong Statistics Bureau.

The growth rate, the lowest level since the first half of 2009, was 3.3 percentage points lower than that in the first quarter of 2011 and 0.9 percentage points lower than the national average.
Value-added output in the primary industry rose 3.6% year on year to RMB 56.12 billion, and that in the secondary sector grew 7.1% year on year to RMB 547.63 billion. The tertiary sector generated RMB 547.33 bllion last year, 7.6% more than in the same period of 2011.

The statistics bureau said that weak external demand heavily hit the exports of Guangdong, the country's biggest-exporting region, thus resulting in a larger-than-expected slowdown in local economy.

In the first quarter, the province's foreign trade rose 4.3% year on year to US$209.98 billion, slowing from a 31.3% growth in the corresponding period of lat year. Export value climbed 5.4% year on year to US$121.28 billion during the period.

The province earlier set a GDP growth target of 8.5% for this year.

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