Qingdao WCNA reports strong economic performance in Q1

Qingdao West Coast New Area (Qingdao WCNA) in Qingdao city, Shandong province, reported a strong economic performance in the first quarter of 2022.

The gross domestic product (GDP) of Qingdao WCNA increased by 7 percent year-on-year to 102.93 billion yuan ($15.31 billion) in the first three months, and the growth rate was 2.2, 1.8, and 1.7 percentage points higher than that of the country, the province, and the city, respectively.

The service sector of Qingdao WCNA contributed 86.5 percent to the GDP in the first quarter. Statistics showed that the operating income of service businesses above designated size in the area reached 20.44 billion yuan during the period, a year-on-year increase of 39.9 percent.

The consumer market in Qingdao WCNA also experienced steady growth as the area's retail sales of consumer goods in the first quarter grew by 6 percent year-on-year and the growth rate was 2.1 percentage points higher than that of the city.

In the first three months, the number of high-tech enterprises above designated size in Qingdao WCNA reached 530 and their total output value accounted for 63.1 percent of the total industrial output value of Qingdao WCNA.