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Zhejiang GDP grows by 8%

Updated: October 26, 2015 L M S

Driven by an increase in service industries, the GDP growth rate of Zhejiang province outstripped the rest of the country in the first three-quarters of this year, surpassing the country's 6.9 percent.

Total GDP grew by 8 percent year-on-year to 2.97 trillion yuan ($467.1 billion), figures released on Monday revealed.

Wang Jie, spokesman for the Zhejiang Provincial Bureau of Statistics, said that as the province is adjusting well to the new economic pattern, economic growth is stable and healthy.

"The growth rate of third industry hit 11.3 percent year-on-year in the first three quarters, indicating that new economic driving forces are developing well in the province," he said.

Wang said that service industries including finance, real estate and catering are growing fast in the province, contributing 5.3 percent to total GDP growth.

"The annual target of 7.5 percent of GDP growth rate will be realized this year," he said.