Tianjin Updates

Tianjin’s economy continues steady growth in Q1

(exploringtianjin.com)

Updated: 2022-04-26

Facing many challenges including resurgent COVID-19 cases, Tianjin coordinated the efforts of the government and the public to pursue progress while maintaining stability. 

It responded to Covid-19 and pursued economic and social development in a well-coordinated way. The economy continued to recover and grow. Tianjin’s gross domestic product (GDP) reached 353.85 billion yuan($54 billion) in the first quarter of this year.

The added value of its first industry rose by 4.5 percent year-on-year, showing sound development momentum and indicating steady supply of vegetable and meet.

Although the added value of the industrial players above a designated size dipped by a slight 0.6 percent year on year, key industrial chains performed outstandingly.

Among them, the respective added values of chains of the biomedical, aerospace, and integrated circuits industries jumped by 18.7 percent, 48.3 percent and 21.9 percent.

In addition, new drivers also showed positive signs. High-tech manufacturing saw its added value grow 12 percent compared to the same period last year. Outputs of service robots and integrated circuit soared 29.7 percent and 14.4 percent, respectively. 

In the first quarter, the added value of the service sector accounted for 63.7 percent of the city's GDP. The added value of the transportation, warehousing and postal industries increased by 5.6 percent year-on-year. The container throughput rose by 3.6 percent, and the total telecommunications business grew 19.9 percent. Due to impact of COVID-19 pandemic, the value added of the accommodation and catering industry fell by 12.7 percent.

At the end of March, the balance of domestic and foreign currency deposits of Chinese and foreign financial institutions increased by 7.7 percent, the highest increase since 2021.

In the first quarter, 81,700 new jobs were added in the city. Per capita disposable income increased by 5.5 percent to reach 14,082 yuan.


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