Nanning’s Main Economic Data in the First Half of 2015

Date:2015-10-29

Despite the severe and complex domestic and international economic climate and ever-increasing economic downward pressures this year, the CPC Nanning Committee and Nanning Municipal Government have worked hard to follow the general plan of making progress on the basis of stable growth. On top of Guangxi’s plan of stable growth by various means, Nanning has taken 19 measures accordingly to fully promote its economic development and made positive results. The major economic indicators in the first half of this year had positive growth, basically showing economic recovery momentum.

i.                 Positive economic growth demonstrating the economic recovery momentum

Nanning reaped GDP of 149.208 billion yuan in the first half of 2015, with an increase of 8.7% year on year. The increment was 0.2% and 0.5% higher than that of Q1 and the same period of last year respectively. In detail, the added value of the first, second and third industry reached 10.13 billion yuan, 58.375 billion yuan and 80.703 billion yuan respectively, up by 3.7%, 8.1% and 9.9% respectively compared to the same period of last year.

ii.               Service industry making big contribution to economic growth as the main force for development

The first, second and third industry contributed 2.67%, 37.51% and 59.82% respectively to the economic growth, the last one of which was 19.24% higher than that in the first half of 2014, making the third industry the main driver for development. In detail, the non-profit services and the financial industry grew respectively 13.6% and 12.6%, contributing 19.5% and 17.3% to the economic growth respectively, becoming the core force for the economic growth.

iii.             More fiscal spending for public services and new features in deposit and loan balance in financial institutions

Nanning’s fiscal revenue in this period hit 28.984 billion yuan with a rise of 9.34%, of which the general public budget revenue stood at 14.729 billion yuan with an increase of 8.03% and the tax revenue added up to 10.659 billion yuan with an increase of 8.52%. Besides, the general public budget expenditure amounted to 22.687 billion yuan, up by 13.42%. The expenditure for public services grew fast. The growth rate of expenditures for energy saving and environmental protection, health care, social security and employment, and education was 82.71%, 18.14%, 3.43% and 0.27% higher than that in Q1 respectively.

Besides, the deposit balance and the loan balance in Nanning’s financial institutions registered respectively 786.219 billion yuan and 775.753 billion yuan, increased by 8.77% and 15.5% respectively. As a result of dynamic securities market, the deposit in non-bank financial institutions grew dramatically with the growth rate of 81.67% compared to that of 41.08% in the end of Q1, the category with highest growth rate in financial institutions.

iv.             Improved crop mix and rapidly growing agricultural economy

The total output value of agriculture reached 18.093 billion yuan with a rise of 3.7% which was 0.8% higher than that of Q1. The crop mix was improved and economic crops developed faster. The output value of medicinal herbs and edible fungus grew by 46.6% and 8.2% respectively, 19.4% and 3.9% higher than the same period of last year. The major agricultural products experienced both positive and negative growth. In detail, the yield of fruit, pork, poultry eggs and aquatic products reached respectively 383,700 tons, 192,600 tons, 6300  tons and 100,800 tons, with an increase of 8.64%, -1.82%, 6.04% and 3.84% respectively.

v.               Industrial economy gradually recovering and industrial structure adjustment showing effect

The industrial economy in Nanning gradually recovered in the first 6 months of 2015. The industrial enterprises above the designated scale reaped the output value of 149.29 billion yuan, with an increase of 11.5% that was 3.3% higher than that in Q1. The heavy industrial enterprises had the output value of 86.065 billion yuan, up by 16.76% that was 11.8% higher than that of the light industrial enterprises. Industrial products were better marketed with the sales rate of 94.73%, 1.18% higher than that of Q1. The government-dominated energy-saving-oriented industrial structure adjustment and the market-driven competition-oriented industrial structure adjustment were advanced forward in parallel, and the major industrial products kept growing, in particular those with big market demand and better environmentally friendly production process. The production of electronic components, beer, aluminum products, soft drinks, auto spare parts and dairy products grew by 131.8%, 64%, 43.9%, 61%, 47.6% and 25.3% respectively. Meanwhile, some bulk industrial products experienced slow production or downturn due to market changes. The yield of finished sugar, cigarette and plate glass grew by -26.6%, 0.5% and 3.2% respectively. Besides, as Nanning kept making efforts to protect environment, a number of paper mills that failed to meet the relevant requirements were shut down, making adjustment to the industrial structure. Also in this period, Nanning’s production of paper and paper board dropped by 56.7%, so did the paper pulp, by 70.3%.

vi.             Investment in fixed assets growing rapidly and property sales being accelerated obviously

Nanning’s investment in fixed assets was 147.013 billion yuan, up by 18.14% year on year. The investment in infrastructure, renovation and real estate reached 67.382 billion yuan, 41.386 billion yuan and 28.309 billion yuan respectively, with an increase of 21.61%, 7.84% and 30.78% respectively. In total, construction for 4638 new projects was started (excluding real estate projects) with the investment of 72.6 billion yuan and an increase of 19%. The private investment registered 98.977 billion yuan, up by 22.05% year on year and taking up 67.32%--2.16% higher than that of last year--of the total investment in fixed assets. Also in the first 6 months of 2015, 3.7861 million m2 of commercial apartments were sold, grown by 20.72%.

vii.           Consumer goods market remaining dynamic and the growth rate of import and export dropping slightly

The total retail sales of social consumer goods amounted to 82.085 billion yuan, increased by 9.1%. Such sales in urban areas and rural areas reached 76.753 billion yuan and 5.332 billion yuan respectively, up by 8.4% and 21.5% year on year respectively, and the growth of the rural areas was 8.8% higher than that of last year. In terms of the category of commodities for retail above the designated scale, 12 out of 27 categories experienced growth in the first half of 2015, 6 of which with the growth rate higher than 16%, namely foodstuffs, 40%, books, magazines and newspapers, 27.8%, telecommunication devices, 18%, beverage, 44.8%, household electrical appliances, 16.7% and medicines, 16.3%. Besides, the auto consumption has gradually weakened as the demand has dropped after these years’ development and more and more auto sales shops have been built in other places. Therefore, the auto sales in Nanning during this period grew 1.8% while petrol and its relevant products, 6.2%.

Import and export kept growing but with obvious slower growth rate. The import and export trade volume was 16.09 billion yuan, with the growth rate of 12.6% which was 4.2% lower than that of last year. The export volume was 9.034 billion yuan, up by 15.4% while the import volume, 7.056 billion yuan, up by 9.2% that was 8.7% lower compared to the growth rate of last year.

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