Hubei reaches 80% of H1 2019 GDP in three months as recovery accelerates

Source: Global Times Published: 2020/9/28 11:48:40

A farmer from an agricultural cooperative shows lotus roots during the harvest season in Honghu City, central China's Hubei Province, Sept. 16, 2020.Photo:Xinhua

Economic recovery in central China's Hubei Province, initially hit hardest by the coronavirus, has accelerated, with all main economic indicators improving, according to officials.

The province has taken just three months to reach 80 percent of the first half of last year's GDP, and the total retail sales of social consumer goods has recovered to nearly 80 percent of the same period last year, said Ying Yong, Party chief of Hubei Province.

In the first half of the year, Hubei's GDP slumped 19.3 percent year-on-year to 1.75 trillion yuan ($256 billion) after business activities were halted for more than two months in the province most heavily affected by the coronavirus.

However, the decrease has narrowed 19.9 percent in the first half compared with a 39.2 percent decline in the first quarter, which now stands at about 80 percent of the same period last year.

The value-added of industrial enterprises above the designated size has achieved continuous year-on-year positive growth since May; and the province's total import and export volume achieved positive growth throughout August.

"This year marks an extraordinary year in the history of Hubei. At present, the main economic indicators of Hubei are improving and economic activities show signs of a quick recovery. The outlook of a positive long-run growth remains unchanged," said Ying.

Posted in: ECONOMY

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