Government News
Shanghai’s first-half GDP grows 5.1% as factory activity, consumption, home sales pick up 2025-07-27
Shanghai’s economy expanded at a 5.1 percent clip in the first half from the year before, the same pace as in the first quarter, driven by improved performances in industrial production, consumption and new home sales.
The city’s gross domestic product was CNY2.6 trillion (USD363 billion) in the six months ended June 30, according to data released last Friday by the municipal statistics bureau.
Of the three industries, the agricultural sector grew 1.9 percent to CNY3.7 billion (USD 516.5 million), the manufacturing sector rose 3.9 percent to CNY544.6 billion (USD 76 billion) and the service sector increased 5.4 percent to CNY2.1 trillion, according to the bureau.
Shanghai’s value-added industrial output gained 5.6 percent over the period, compared with 3.5 percent in the first quarter. The city’s three leading industries, namely artificial intelligence, integrated circuits and biomedicine, grew by 12.3 percent, 11.7 percent and 4.4 percent, respectively.
Looking at specific products, smartphone production surged 130 percent year on year, while microcomputers soared 14.7 percent, electronic components jumped 13.4 percent, laptops gained 13.1 percent, industrial robots leapt 11.9 percent and semiconductor drives advanced 8.9 percent.
Total retail sales climbed 1.7 percent to CNY826 billion (USD115.3 billion), bouncing back from a 1.1 percent decline in the first quarter. Sales of sports and entertainment goods surged 27.8 percent, while that of furniture, home appliances and communication devices grew by 18.8 percent, 18.7 percent and 9.3 percent, respectively.
Fixed asset investment climbed 6.2 percent, versus 6.5 percent in the first three months. Within that, industrial investment jumped 19.8 percent, real estate investment gained 3.8 percent and urban infrastructure investment soared 17.9 percent.
New home sales advanced 1.6 percent in the first half year on year to 7.9 million square meters, an acceleration of 0.8 percentage point from the first quarter.
The city’s consumer price index, a gauge of inflation, edged up 0.1 percent, the same as in the first quarter, while the producer price index, a measure of industrial profitability, tumbled 2.8 percent, although the rate of decline narrowed by 0.3 percentage point.
Per capita disposable income for Shanghai residents climbed 4.6 percent in the first six months from a year earlier to CNY46,805 (USD6,534), while the urban jobless rate remained the same as in the first three months at 4.2 percent.
Source: Yicai Global
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