On October 24, the Hunan Provincial Bureau of Statistics announced the major economic indicators of Hunan Province in the first three quarters of 2022. According to the results of unified regional calculation of gross domestic product (GDP), Hunan's GDP exceeded 3.5 trillion yuan in the first three quarters, a year-on-year increase of 4.8%. The growth rate was 0.5 percentage points faster than that in the first half year and 1.8 percentage points higher than the national growth rate. On the whole, Hunan's economy has shown a good trend of sustained recovery and steady progress.

The province saw steady industrial growth. In the first three quarters, the agricultural production was generally stable. The added value of agriculture, forestry, animal husbandry and fishery increased by 4.0% year-on-year. Grain production was stable, with summer grain output hitting 456,000 tons and early rice output reaching 7.413 million tons. Industrial production rebounded steadily. The added value of large industrial enterprises increased by 7.4%. The growth rate picked up for five consecutive months. Among all large industrial enterprises, 84.6% of them registered growth. From January to August, 70% of service enterprises above designated size posted operating income growth of 8.8%.

Market demand has revived. In the first three quarters, effective investment expanded steadily, and the province's fixed asset investment increased by 8.0% year on year. Investment in industrial projects increased by 14.3%, 6.3 percentage points faster than the total investment. Major projects contributed the most to the growth. The consumer market continued to pick up, with the total retail sales of consumer goods exceeded 1.37 trillion yuan, an increase of 3.1%. The growth rate was 1.6 and 0.4 percentage points faster than that in the first half and January-August period respectively.

Growth of fresh impetus has accelerated. In the first three quarters, investment in high-tech industries increased by 23.8%, 15.8 percentage points faster than the total investment. The added value of high-tech industries increased by 13.1%. New formats such as online retail are developing rapidly, and the production and sales of new products are booming.

Social livelihood has continued to improve. In the first three quarters, the province's financial expenditure in agriculture, forestry, aquaculture, education, health and other areas related to people's livelihood increased by more than double digits. Among the 22 key items related to people's livelihood, 13 accomplished the annual targets and tasks ahead of schedule, and 9 were on schedule or ahead of schedule.

The Hunan Provincial Bureau of Statistics said that in the first three quarters, the province's economy continued to pick up and improve since May, running in a reasonable range. Positive changes occurred in major indicators, demonstrating the strong resilience of economic development.

This article is from the Hunan Provincial Government www.enghunan.gov.cn.

Translator: Xiao Juan

Chinese source: hunan.gov.cn