In the first 11 months of 2023, Guangdong's economy showed strong momentum for continued growth as the province steadily promoted high-quality development, stabilized and improved supply and production.

During this period, the total value added of industrial enterprises above the designated size reached 3.7 trillion RMB, up 4 percent year-on-year. The growth rate was 0.4 percentage points higher than that of the first 10 months, rising for seven consecutive months.

Industrial production continued to accelerate from January to November, with the three pillar industries including the automobile industry, the electrical machinery and equipment manufacturing sector, and the computer, communication, and other electronic equipment manufacturing sector playing an underpinning role. 

In terms of different industrial products, the output of new energy vehicles, integrated circuits, and optoelectronic devices increased by 85.3 percent, 21.8 percent, and 17.4 percent respectively.

The market sales showed increasing momentum, with the total retail sales of consumer goods reaching 4.34 trillion RMB, up 5.6 percent year-on-year, 0.3 percentage points higher than that from January to October.

By consumption patterns, the income from catering increased by 24.3 percent. Of the total retail sales of commodities by businesses above the designated size, the retail sales of communications equipment went up by 16.4 percent, maintaining a double-digit growth. And online retail sales grew by 14.4 percent.

Furthermore, investment in fixed assets grew steadily, with a year-on-year increase of 2.6 percent. Specifically, investment in mining grew by 88.1 percent, and that in high-tech manufacturing and advanced manufacturing grew by 21.4 percent and 17 percent respectively as the scale of investment in new growth drivers kept expanding.

Source: cnbayarea.org.cn & GDToday