Qingdao WCNA's economic engine powers ahead with 6% GDP growth in Q1

Qingdao West Coast New Area (Qingdao WCNA) recently released its economic performance for the first quarter, with its gross domestic product (GDP) reaching 119.65 billion yuan ($16.56 billion), a 6 percent increase compared to the previous year.

Notably, the district's GDP now accounts for 31.96 percent of the city's total.

An aerial photograph captures the landscape of Qingdao WCNA in Shandong province. [Photo/IC]

Breaking down the industrial structure, the primary industry saw a value added of 583 million yuan, up by 3.9 percent year-on-year; the secondary industry recorded a value added of 37.21 billion yuan, a 6.4 percent increase; while the tertiary industry had a value added of 81.85 billion yuan, growing 5.9 percent.

The productive service industry also performed well, with value added  increasing 6 percent year-on-year to 52.95 billion yuan in January and February.

Furthermore, fixed asset investment continued to rise steadily, growing by 5.4 percent year-on-year in key areas throughout the district.

Import and export activities expanded, reaching a total value of 82.73 billion yuan in the first quarter, up by 5.4 percent year-on-year.

Resident income grew as well, with rural incomes increasing at a faster rate than urban incomes. The per capita disposable income for residents in Qingdao WCNA stood at 17,031 yuan, a 6.6 percent year-on-year increase. Urban residents had a per capita disposable income of 18,715 yuan, up by 5.4 percent, while that of rural residents reached 10,037 yuan, up by 6.8 percent year-on-year.