Wuhan Photo: VCG

Central China’s Hubei Province, the first province hard hit by the COVID-19 virus, saw its GDP grow by nearly 60 percent year-on-year in the first quarter of this year, according to official statistics. 

In the first quarter, compared to the same period last year, the total GDP increased 58.3 percent to 987.267 billion yuan ($151.31 billion). Secondary industries added a total of 409.212 billion yuan ($62.68 billion), up 88.9 percent year-on-year. 

Hubei’s economy was hard hit by the COVID-19 epidemic in the first quarter of 2020 when its total GDP was slashed by 39.2 percent, largely by its 76-day lockdown that paralyzed local business activities, with the secondary industries falling by around 33.3 percent. 

Throughout 2020, Hubei’s economy contracted 5 percent to 4.34 trillion yuan, however, all major indicators have been recovering at a faster pace and consumption returned to growth in December.

The province had been expecting a strong economic comeback following the effective containment of the virus. Setting the stage for substantial growth this year, Hubei has set its GDP growth target for 2021 at more than 10 percent, as announced in a local government work report, while many experts predict that it may well surpass 15 percent. 

Global Times