​Qingdao WCNA's 3-quarter GDP up 5.3% year-on-year

Qingdao West Coast New Area is located in the coastal city of Qingdao in East China's Shandong province. [Photo/WeChat ID: qdxihaianfabu]

Official statistics show that in the first three quarters of this year, the gross domestic product (GDP) of Qingdao West Coast New Area (Qingdao WCNA) reached 343.68 billion yuan ($48.41 billion), a year-on-year increase of 5.3 percent.

According to data released by Qingdao city's statistics bureau, Qingdao WCNA's GDP topped districts across the city and accounted for 31.3 percent of the city's total during the period. In addition, its economic growth rate was higher than the national, provincial and municipal growth rates throughout the country.

Industry plays an important role in the area's economic growth. In the first nine months, the area's value-added industrial output grew 5.4 percent year-on-year to 101.1 billion yuan, contributing to 30.66 percent of the area's GDP, and increasing economic growth by 1.62 percentage points. The added value of industrial enterprises above designated size increased by 8.7 percent year-on-year.

From January to September, the added value of the primary industry in the area was 7.14 billion yuan, a year-on-year increase of 0.4 percent, the added value of the secondary industry was 122.77 billion yuan, a year-on-year increase of 3 percent, and the added value of the tertiary industry was 213.77 billion yuan, a year-on-year increase of 6.9 percent.