WCNA reports sustainable GDP growth in Q1-3

According to recent statistics, Qingdao West Coast New Area (Qingdao WCNA) achieved a gross domestic product (GDP) of 365.03 billion yuan ($50.11 billion) in the first three quarters of 2023.

This represents 31 percent of the city's total economic output, a larger share than any other area in Qingdao.

Breaking down the GDP figures, the primary industry recorded a value added of 7.43 billion yuan, growing at a rate of 2.5 percent; the secondary industry's value-added reached 123.13 billion yuan, growing at a rate of 4.2 percent; while the tertiary industry had the highest value-added at 234.47 billion yuan, growing at a rate of 6.3 percent.

Investment also played a significant role. Fixed asset investment in the new area grew by 3.6 percent year-on-year in the first three quarters.

Furthermore, consumer spending has shown steady recovery, with total retail sales of consumer goods increasing by 7.8 percent year-on-year. The cultural, sports and entertainment industries also witnessed a significant growth in operating income, which recorded a year-on-year increase of 16.9 percent from January to August.

Additionally, Qingdao WCNA has solidified global engagement. The region recorded an import and export value of 264 billion yuan in the initial three quarters, in addition to attracting a cumulative foreign investment of $924 million.

Tangdao Bay, located in Qingdao WCNA, is a hidden gem where visitors can immerse themselves in the breathtaking wetland and coastal scenery. [Photo/VCG]