Wuhan's GDP reached 1,771.676 billion yuan, an increase of 12.2% y-o-y in a historic economic recovery
Published: Jan 25, 2022 12:19 AM
Wuhan. Photo: VCG

Wuhan. Photo: VCG

The GDP of Wuhan, Central China's Hubei Province, reached 1,771.67 billion yuan ($280.10 billion) in 2021, a double digit growth in what could be another milestone since winning the hard battle against the sudden pandemic in early 2020.

The GDP rose 12.2 percent year-on-year at comparable prices, according to data released by the Wuhan government on Monday, a significant economic rebound ignited by the rapid resumption business and production as well as supportive policies, such as tax deductions and financial support for small and medium sized enterprises, that were put in place.

The numbers show an increase of 6.7 percent before the epidemic in 2019 and a two-year average increase of 3.3 percent and almost all the major regional industries, ranging from agriculture to manufacturing and services, show a growing trend.

For example, agricultural production, has been rising steadily and the output of major agricultural products has continued to grow.

In 2021, Wuhan realized a total output value of 77.54 billion yuan ($12.2 billion) in agriculture, forestry, animal husbandry and fishery, an increase of 12.4 percent year-on-year and 7.2 percent growth over 2019.

One highlight is that the added value of the city's above-scale industries increased by 14.2 percent year-on-year, the first double-digit growth in the past seven years, and the fastest growth rate in the past nine years.

This increase is a reflection of the city's resilience as manufacturing hub of the country and the world with its rapid business and production resumption after battling COVID-19 while supply chains in many parts of the world have been disrupted by the ongoing pandemic.

The city's total imports and exports reached 335.94 billion yuan ($52 billion) in 2021, an increase of 24.0 percent over the previous year, according to the report.

The income of residents increased steadily while consumer prices rose moderately. In 2021, the per capita disposable income of urban residents in Wuhan came to 55,297 yuan ($8,734), an increase of 9.8 percent over the previous year.

But Wuhan's consumer price index only saw a slight increase of 0.6 percent in 2021 compared with the previous year. Among rise, the price of daily necessities and services increased by 0.1 percent, while the cost of medical care decreased by 0.4 percent. Prices of other supplies and services also fell 2.7 percent.