Shanghai economy weaker in May amid shutdown gloom

Huang Yixuan
Industrial production, wholesale and retail sales, and major investment areas hit a wall of double-digit declines.
Huang Yixuan

Shanghai's economy remained weak in May amid the gloom of the pandemic outbreak and broad shutdown, latest data showed.

Industrial production of enterprises above a designated size – those with an annual main business income of over 20 million yuan – totaled 234.12 billion yuan (US$34.95 billion) in May, down 27.6 percent from the same month last year.

From January to May, the city reached a total of 604.75 billion yuan in retail sales of consumer goods, a decline of 18.7 percent over the same period last year.

By industry, the wholesale and retail fell 17.5 percent to 564.32 billion yuan in January-May, while the accommodation and catering industry saw retail sales of 40.44 billion yuan, plunging 32.2 percent.

The city's fixed-asset investment in the first five months retreated 21.2 percent from a year earlier.

In the three major investment areas, urban infrastructure investment tumbled 41.3 percent year-on-year, industrial investment fell 22.1 percent, and real estate development investment was 18 percent lower.

Investment in the primary, secondary and tertiary industries, meanwhile, plummeted respectively by 57.3 percent, 22.1 percent and 21 percent over the same period last year.

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