Ningbo's economy posts strong start in Q1

An aerial view of Ningbo. [Photo/Yongpai App]

Ningbo's economy got off to a solid start in the first quarter. The city's GDP reached 464.1 billion yuan ($97.95 billion), up 5.6 percent year-on-year.

Gross industrial output value of enterprises above a designated size, or those with annual main business revenue of at least 20 million yuan, rose 8.6 percent year-on-year in the first quarter. Growth was led by emerging sectors such as high-end equipment, high-tech manufacturing, and the digital economy, all posting double-digit gains. Private enterprises continued to play a major role, with their output increasing by 10.6 percent.

The service sector maintained a stable growth of 4.3 percent, while modern services such as information technology and finance outpaced the overall sector. Meanwhile, the port economy remained robust: Ningbo-Zhoushan Port handled 366 million metric tons of cargo, up 4.1 percent, and container throughput surged 14.7 percent.

Domestic demand showed signs of recovery. Retail sales rose 3.9 percent, with strong growth in online consumption, basic living expenses, and quality-oriented goods.

Foreign trade demonstrated resilience, expanding 5.9 percent to 369.4 billion yuan. Exports of electric vehicles, lithium batteries, and solar cells soared by 144 percent, making them new engines of growth.

The per capita disposable income of all residents in the city stood at 26,138 yuan, representing a real growth of 3.0 percent. The per capita disposable income of urban residents was 29,023 yuan, a real increase of 2.5 percent, while that of rural residents was 17,949 yuan, a real increase of 3.6 percent.