Shanghai GDP, for 2nd consecutive year, exceeds 4tn yuan

Huang Yixuan
The city's key industries from automobiles to electronics have seen significant rebound, with revenue expected to grow in 2023.
Huang Yixuan

Shanghai's gross domestic product dipped slightly in 2022 as the city was hit hard by coronavirus outbreaks this year. But the economic condition has reflected signs of recovery.

The city's GDP was approximately 4.47 trillion yuan (US$658.29 billion) in 2022, down 0.2 percent from the previous year (calculated at comparable prices), according to the local statistics bureau on Friday.

Value-added industrial production of enterprises above designated size (those with annual main business revenues above 20 million yuan) fell 0.6 percent year on year, narrowing from the decline in the first three quarters by 1.6 percentage points.

The annual industrial output totaled about 4.05 trillion yuan in 2022, down 1.1 percent from a year earlier but narrowing from the 1.5 percent drop in January-September period.

Among them, key industries such as automobiles and electronics presented faster growth. Total output value of automobile manufacturing jumped 9.3 percent year on year, while that of the computer, communications and other electronic equipment manufacturing industry increased by 1.7 percent.

Output of the city's industrial strategic emerging industries bucked the trend of recession, adding up to 1.74 trillion yuan with an increase of 5.8 percent from 2021. It accounted for 43 percent of the total industrial output, a proportion of 2.4 percentage points higher than 2021 and up 0.5 percentage points from the first nine months of 2022.

New-energy vehicles posted a total production growing 56.9 percent, biological output up 5.9 percent, and the new-generation information technology rising 4.7 percent.

The service sector saw diversified development of various industries, with finance, information and sci-tech services growing at relatively higher pace.

The city's financial industry added output of 862.631 billion yuan, up 5.2 percent, while information transmission, software and information technology services approximated 378.86 billion yuan, up 6.2 percent.

Fixed-asset investment in 2022 fell 1 percent year on year but has accelerated recovery, narrowing from the 8.6 percent tumble in the first three quarters. Also recovering were the industrial investment and the real estate investment.

Shanghai's financial markets, meanwhile, ran well last year with the total turnover topping 2.93 quadrillion yuan, a 16.8 percent expansion from a year earlier.

The per-capita disposable income of the city's residents maintained positive growth, advancing 2 percent year on year to 79,610 yuan.

Of this, the disposable income of long-time urban residents was 84,034 yuan, up 1.9 percent, while that of rural residents rose 3.1 percent to 39,729 yuan.

The city added about 563,500 jobs last year. And the surveyed urban unemployment rate in December was flat from November.

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