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China's island province Hainan sees GDP fall by 4.5 pct in Q1

April 27, 2020


Abstract : South China's island province Hainan recorded a GDP of 11.15 billion yuan in the first quarter of 2020, with a year-on-year decrease of 4.5 percent, according to data released at the press conference of the province's economic operation in the first quarter of 2020 recently.

BEIJING, April 27 (Xinhua) -- South China's island province Hainan recorded a GDP of 11.15 billion yuan in the first quarter of 2020, with a year-on-year decrease of 4.5 percent, according to data released at the press conference of the province's economic operation in the first quarter of 2020 recently.

Specifically, its primary industry generated output value of 25.05 billion yuan, up 0.4 percent; secondary industry, 18.07 billion yuan, down 12.5 percent, and tertiary industry, 68.4 billion yuan, down 3.9 percent. The ratio of the three industries adjusted to 22.5:16.2:61.3 from 22.3:17.4:60.2 in the year earlier period.

When the GDP decreased,  its investment in non-real estate industry rose remarkably by 14.8 percent and accounted for 62.2 percent of its total investment in fixed assets, which dropped 1.6 percent, 14.5 percentage points smaller than the national decrease.

In the first quarter, the total retail sales of consumer goods in Hainan was 33.8 billion yuan with a year-on-year decrease of 31.4 percent. In March, the retail sales of duty-free goods amounted to 932 million yuan with an increase of 92.6 percent from February, reaching the average monthly sales level of 2019.

In terms of the foreign trade, the province's export in the first quarter increased 5.4 percent year on year reaching 8.2 billion yuan despite the impacts of the COVID-19 epidemic. The province's actual utilization of foreign capital was 128 million U.S. dollars, up 89.8 percent year on year.

The per capita disposable income of permanent residents in Hainan Province was 7094 yuan in the first quarter, down 0.2 percent year on year.

Under the impact of the COVID-19 epidemic, Hainan's economic development has encountered unprecedented difficulties. But with the province's epidemic prevention and control efforts, the overall economy has remained stable and maintained the upturn in the long term. At the same time, it should be noted that the production resumption and economic and social development are still facing new difficulties and challenges now with the rising risk of imported COVID-19 cases, said Wang Yu, the vice chief of the Hainan Statistics Bureau.

In a bid to ensure the completion of the economic development goals and tasks for the whole year, Hainan must take unconventional measures to promote the economic recovery and upgrading, Wang added.  (Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)

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Keyword: hainan gdp

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