Shenzhen's GDP Growth Outpaces Chinese National and Provincial Averages

Shenzhen's Economic Growth Outpaces Guangdong Province and National Average

In the first half of 2024, the gross domestic product (GDP) of Shenzhen reached approximately 1.73 trillion yuan, a 5.9% year-on-year increase, temporarily leading the growth rate within Guangdong Province. According to data released by the Shenzhen Municipal Bureau of Statistics on July 26, Shenzhen's performance surpassed the national and provincial averages. The national GDP grew by 5.0% in the first half of the year, while Guangdong Province's growth rate was 3.9%. Additionally, Shenzhen's GDP contribution within Guangdong Province increased from below 26% in 2023 to 26.53%.

Among the 21 prefecture-level cities in Guangdong Province, nine cities, including Shenzhen, disclosed their year-on-year GDP growth rates for the first half of the year. Of these, Shanwei ranked second with a growth rate of 5.4%, while Zhanjiang had the lowest growth rate at only 0.8%. These figures demonstrate that Shenzhen not only leads in economic growth within Guangdong Province but also exhibits outstanding performance on a national scale.

Key Takeaways

• In the first half of 2024, Shenzhen's GDP increased by 5.9%, surpassing other cities in Guangdong Province.
• Nine cities in Guangdong Province disclosed their year-on-year GDP growth rates, with Shenzhen leading in growth rate.
• The national GDP grew by 5.0%, and Guangdong Province's growth was 3.9%, indicating Shenzhen's performance surpassed the averages.
• Shenzhen's GDP share within Guangdong Province increased from below 26% to 26.53%.
• Shanwei's GDP grew by 5.4%, closely trailing Shenzhen, while Zhanjiang had the lowest growth rate at 0.8%.

Analysis

The robust growth of Shenzhen's GDP may be driven by innovation and policy support, positively impacting the economy of Guangdong Province and even the entire country. In the short term, Shenzhen's leading position may attract more investment and talents, enhancing its economic vitality. In the long run, Shenzhen's success may prompt other cities to emulate its development model, promoting balanced regional economic growth. Furthermore, Shenzhen's economic growth bodes well for related enterprises and the financial market, potentially boosting investor confidence and market performance.

Did You Know?

• Gross Domestic Product (GDP):
  • Explanation: GDP is a critical measure of a region's economic health, representing the total value of all goods and services produced over a specific period. It serves as an indicator of economic growth and performance.
• Year-on-Year GDP Growth:
  • Explanation: This refers to the percentage increase in a region's GDP compared to the same period in the previous year. It is an essential metric for assessing economic progress and policy effectiveness.
• GDP Share:
  • Explanation: GDP share indicates the proportion of a region's GDP within the total GDP of a larger economic area, such as a province or the entire country. It reflects a region's economic influence and contribution to the overall economic output.