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Shandong's GDP up 9.7% in Q1

May. 3, 2012 (China Knowledge) - Shandong Province saw its gross domestic product grew 9.7% year on year to RMB 1.01 trillion in the first quarter of this year, according to the latest statistics released by the Shandong Statistics Bureau.

The growth rate was 1.6 percentage points higher than the national average of 8.1%.
Value-added output in the primary industry rose 4.0% year on year to RMB 55.83 billion, and that in the secondary sector grew 11.2% year on year to RMB 571.05 billion. The tertiary sector generated RMB 382.03 billion, 8.4% more than in the same period of 2011.
The province's value-added industrial output rose 11.3% year on year in the first quarter. Medium and large enterprises in the province realized RMB 1.44 trillion in core business revenue, reflecting a growth of 15.3% year on year, and saw profit rise 6.1% year on year to RMB 85.63 billion in the period.

Shandong's fixed-asset investment jumped 20.6% year on year to RMB 418.73 billion in the period, including RMB 74.51 billion in property development, reflecting a slower growth of 17.7% year on year.

Retail sales in the province rose 15.4% year on year to RMB 449.28 billion. The province's foreign trade grew 3.1% year on year to US$55.8 billion.

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