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Shanghai’s economy grew by 5.1% in the first half of the year compared to the previous year, maintaining the same pace as in the first quarter. The growth was driven by stronger performances in industrial output, consumer spending, and new home sales.
The city’s gross domestic product (GDP) reached CNY2.6 trillion (USD363 billion) over the six months ending June 30, according to data released by the municipal statistics bureau.
Among the three main economic sectors, agriculture expanded by 1.9% to CNY3.7 billion (USD516.5 million), manufacturing increased by 3.9% to CNY544.6 billion (USD76 billion), and services grew by 5.4% to CNY2.1 trillion, as reported by the bureau.
Industrial value-added output rose 5.6% during this period, up from 3.5% in the first quarter. The city’s top three sectors—artificial intelligence, integrated circuits, and biomedicine—saw growth of 12.3%, 11.7%, and 4.4%, respectively.
In terms of specific products, smartphone manufacturing skyrocketed 130% year-over-year, microcomputers increased by 14.7%, electronic components by 13.4%, laptops by 13.1%, industrial robots advanced 11.9%, and semiconductor drives grew 8.9%.
Total retail sales rebounded, rising 1.7% to CNY826 billion (USD115.3 billion) after a 1.1% decline in the first quarter. Sales of sports and entertainment products surged 27.8%, while furniture, home appliances, and communication devices grew by 18.8%, 18.7%, and 9.3%, respectively.
Fixed asset investment increased by 6.2%, slightly below the 6.5% growth seen in the first three months. Investment in industry jumped 19.8%, real estate investment grew 3.8%, and urban infrastructure spending soared 17.9%.
New home sales rose 1.6% year-over-year in the first half to 7.9 million square meters, reflecting an acceleration of 0.8 percentage points compared to the first quarter.
The city’s consumer price index (CPI), a measure of inflation, edged up by 0.1%, matching the first quarter’s increase. Meanwhile, the producer price index (PPI)—indicating industrial profitability—fell 2.8%, although the decline was narrower by 0.3 percentage points.
Per capita disposable income for residents increased 4.6% over the first six months, reaching CNY46,805 (USD6,534). The urban unemployment rate remained steady at 4.2% during this period.
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