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National Bureau of Statistics: GDP grew by 4.8% in the first quarter compared with the same period last year. The national economy got off to a stable start.
Apr 18, 2022 12:06CST
[national Bureau of Statistics: GDP in the first quarter grew 4.8% year-on-year and the national economy got off to a stable start] preliminary calculation shows that GDP in the first quarter is 27.0178 trillion yuan, an increase of 4.8% year-on-year at constant prices, and 1.3% higher than the fourth quarter of 2021. In terms of sub-industries, the added value of the primary industry was 1.0954 trillion yuan, up 6.0% over the same period last year; the added value of the secondary industry was 10.6187 trillion yuan, up 5.8%; and the added value of the tertiary industry was 15.3037 trillion yuan, up 4.0%.

In the first quarter, in the face of the multiple tests brought about by a more complex and severe international environment and frequent domestic epidemics, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, all localities and departments conscientiously implemented the decisions and arrangements of the CPC Central Committee and the State Council, scientifically co-ordinated epidemic prevention and control and economic and social development, persisted in maintaining stability and striving for progress in the midst of stability, the national economy continued to restore the trend of development, and the economic operation was generally stable.

According to preliminary calculations, the GDP in the first quarter was 27.0178 trillion yuan, an increase of 4.8 percent over the same period last year at constant prices, and 1.3 percent higher than the fourth quarter of 2021. In terms of sub-industries, the added value of the primary industry was 1.0954 trillion yuan, up 6.0% over the same period last year; the added value of the secondary industry was 10.6187 trillion yuan, up 5.8%; and the added value of the tertiary industry was 15.3037 trillion yuan, up 4.0%.

I. stable agricultural production and steady growth of animal husbandry

In the first quarter, the added value of agriculture (planting) increased by 4.8% compared with the same period last year. On the whole, the meteorological conditions are good, agricultural production services have been continuously strengthened, and spring ploughing and preparatory ploughing have been carried out in a steady and orderly manner. According to the survey of planting intention in the whole year, the intended sown area of wheat and rice is generally stable, while the intended sown area of soybean increases a lot. In the first quarter, the output of pig, beef, mutton and poultry was 23.95 million tons, an increase of 8.8 percent over the same period last year, of which pork, beef and mutton production increased by 14.0 percent, 3.6 percent and 1.4 percent respectively, milk production increased by 8.3 percent, and poultry and egg production increased by 2.5 percent. At the end of the first quarter, there were 422.53 million live pigs, an increase of 1.6% over the same period last year, of which 41.85 million were able to breed sows.

Second, industrial production has grown rapidly, and the middle and high-end manufacturing industries have developed well.

In the first quarter, the added value of industries above the national scale increased by 6.5% compared with the same period last year. Divided into three major categories, the added value of the mining industry increased by 10.7% compared with the same period last year, the manufacturing industry increased by 6.2%, and the electricity, heat, gas and water production and supply industries increased by 6.1%. The added value of high-tech manufacturing and equipment manufacturing increased by 14.2% and 8.1% respectively, which was 7.7 and 1.6 percentage points faster than that of industries above scale. In terms of economic type, the added value of state-owned holding enterprises increased by 5.0% compared with the same period last year; joint-stock enterprises grew by 7.8%; foreign investors and Hong Kong, Macao and Taiwan investment enterprises increased by 2.1%; and private enterprises grew by 7.6%. In terms of products, the output of new energy vehicles, solar cells and industrial robots increased by 140.8%, 24.3% and 10.2%, respectively. In March, the added value of industries above scale increased by 5.0% compared with the same period last year, an increase of 0.39% from the previous month. In March, the purchasing managers' index of the manufacturing industry was 49.5%, and the expected index of production and business activities of enterprises was 55.7%. From January to February, the total profits of industrial enterprises above the national scale reached 1.1576 trillion yuan, an increase of 5.0% over the same period last year.

III. The service industry continues to grow, and the modern service industry is growing well.

In the first quarter, the service industry continued to recover. Among them, the added value of information transmission, software and information technology services, and the financial sector increased by 10.8% and 5.1% respectively compared with the same period last year. In the first quarter, the national service industry production index increased by 2.5% compared with the same period last year, including a 0.9% drop in March compared with the same period last year. From January to February, the business income of over-sized service enterprises increased by 13.6% compared with the same period last year. In March, the service industry business activity index was 46.7%, and the business activity expectation index was 53.6%. Among them, contact and gathering industries such as railway transport, air transport, accommodation, and catering have been greatly affected by the epidemic. The business activity index of telecommunications, radio, television and satellite transmission services, monetary and financial services, and insurance industry is in a relatively high prosperity range above 55.0%.

IV. Market sales keep growing, and online retail is more active.

In the first quarter, retail sales of consumer goods totaled 10.8659 trillion yuan, an increase of 3.3 percent over the same period last year. According to the location of the business unit, the retail sales of consumer goods in cities and towns totaled 9.4292 trillion yuan, up 3.2 percent, and those in rural areas totaled 1.4367 trillion yuan, up 3.5 percent. According to the type of consumption, retail sales totaled 9.8006 trillion yuan, up 3.6 percent, and catering income totaled 1.0653 trillion yuan, up 0.5 percent. Basic daily necessities sold well, with retail sales of cereals, oils, foodstuffs and daily necessities above quota increased by 9.3% and 6.6% respectively. The sales of upgraded goods increased rapidly, and the retail sales of cultural and office supplies and gold, silver and jewelry above the quota increased by 10.6% and 7.6%, respectively. Online retail sales nationwide totaled 3.012 trillion yuan, an increase of 6.6 percent. Of this total, online retail sales of physical goods totaled 2.5257 trillion yuan, up 8.8 percent, accounting for 23.2 percent of the total retail sales of consumer goods. In March, retail sales of consumer goods totaled 3.4233 trillion yuan, down 3.5 percent from the same period last year and 1.93 percent from the previous month.

V. the scale of investment in fixed assets has been expanded, and investment in high-tech industries and social fields has increased rapidly.

In the first quarter, China's fixed asset investment (excluding farmers) totaled 10.4872 trillion yuan, an increase of 9.3 percent over the same period last year. In terms of sectors, investment in infrastructure increased by 8.5% over the same period last year, investment in manufacturing increased by 15.6%, and investment in real estate development increased by 0.7%. The sales area of commercial housing nationwide was 310.46 million square meters, down 13.8 percent, while sales of commercial housing totaled 2.9655 trillion yuan, down 22.7 percent. In terms of sub-industries, investment in the primary industry increased by 6.8%, investment in the secondary industry increased by 16.1%, and investment in the tertiary industry increased by 6.4%. Private investment totaled 5.9622 trillion yuan, up 8.4 percent. Investment in high-tech industries increased by 27.0%, of which investment in high-tech manufacturing and high-tech services increased by 32.7% and 14.5%, respectively. In high-tech manufacturing, investment in electronic and communications equipment manufacturing, medical equipment and instrumentation manufacturing increased by 37.5% and 35.4% respectively; in high-tech service industries, investment in information services and scientific and technological achievements transformation services increased by 21.3% and 19.0% respectively. Investment in the social sector increased by 16.2%, of which investment in health and education increased by 23.8% and 17.2% respectively. In March, investment in fixed assets (excluding farmers) increased by 0.61% month on month.

VI. Imports and exports of goods grow rapidly, and the trade structure continues to be optimized.

In the first quarter, the total volume of imports and exports of goods was 9.4151 trillion yuan, an increase of 10.7 percent over the same period last year. Of this total, exports totaled 5.226 trillion yuan, up 13.4 percent, and imports totaled 4.1891 trillion yuan, up 7.5 percent. The balance between imports and exports resulted in a trade surplus of 1.0369 trillion yuan. General trade imports and exports increased by 13.9 percent, accounting for 63.2 percent of the total import and export volume, an increase of 1.8 percentage points over the same period last year. Imports and exports of private enterprises accounted for 48% of the total import and export volume, an increase of 1.4 percentage points over the same period last year. In March, imports and exports totaled 3.2065 trillion yuan, an increase of 5.8 percent over the same period last year. Of this total, exports totaled 1.7535 trillion yuan, up 12.9 percent, while imports totaled 1.453 trillion yuan, down 1.7 percent.

VII. Consumer prices have risen moderately, while industrial producer prices have fallen from the same period last year.

In the first quarter, the national consumer price (CPI) rose 1.1 per cent from a year earlier. Of this total, it rose 1.2% in cities and 0.7% in rural areas. According to the category, the prices of food, tobacco and alcohol fell 1.3% compared with the same period last year, clothing prices rose 0.5%, housing prices rose 1.4%, daily necessities and services prices rose 0.6%, transportation and communications prices rose 5.5%, education, culture and entertainment prices rose 2.6%, health care prices rose 0.6%, and other supplies and services rose 0.7%. Among the prices of food, tobacco and alcohol, the price of grain rose 1.7%, the price of fresh fruit rose 6.9%, the price of fresh vegetables rose 3.7%, and the price of pork fell 41.8%. Core CPI, excluding food and energy prices, rose 1.2 per cent year-on-year. In March, consumer prices across the country rose 1.5% from a year earlier, an increase of 0.6 percentage points over the previous month; they were unchanged from the previous month.

In the first quarter, producer prices across the country rose 8.7% compared with the same period last year. Among them, it rose 8.3% in March from a year earlier, down 0.5 percentage points from the previous month; it rose 1.1% from the previous month. In the first quarter, the purchase prices of industrial producers rose by 11.3%. Among them, it rose 10.7% in March from a year earlier, down 0.5 percentage points from the previous month; it rose 1.3% from the previous month.

VIII. New jobs in cities and towns have expanded, and the unemployment rate in the survey has increased.

In the first quarter, 2.85 million new jobs were created in cities and towns across the country, and the average unemployment rate in the national urban survey was 5.5%. In March, the unemployment rate in the national urban survey was 5.8 percent, an increase of 0.3 percentage points over the previous month. The unemployment rate of the local registered population survey is 5.6%; the unemployment rate of the migrant registered population survey is 6.3%, of which the unemployment rate of the migrant agricultural registered population survey is 5.9%. The unemployment rates of people aged 16-24 and 25-59 are 16.0% and 5.2%, respectively. The surveyed unemployment rate in 31 major cities and towns is 6.0%. The average weekly working time of employees in enterprises across the country is 47.3 hours. At the end of the first quarter, the total number of migrant workers in rural areas was 177.8 million.

IX. Residents' income has increased steadily, and the per capita income ratio of urban and rural residents has shrunk.

In the first quarter, the per capita disposable income of residents across the country was 10345 yuan, an increase of 6.3% in nominal terms over the same period last year. According to the place of permanent residence, the per capita disposable income of urban residents was 13832 yuan, an increase of 5.4 percent in nominal terms and 4.2 percent in real terms over the same period of last year. The per capita disposable income of rural residents was 5778 yuan, an increase of 7.0 percent in nominal terms and 6.3 percent in real terms. From the perspective of income sources, per capita wage income, net operating income, net property income and net transfer income increased by 6.6%, 5.4%, 6.1% and 6.3% respectively in nominal terms. The per capita income ratio of urban and rural residents was 2.39, 0.04 lower than that of the same period last year. The median per capita disposable income of residents nationwide was 8504 yuan, an increase of 6.1 percent in nominal terms over the same period last year.

Generally speaking, China's economy continued to resume its development trend in the first quarter, and the overall operation was within a reasonable range. At the same time, it should also be noted that the complexity and uncertainty of the environment at home and abroad has increased, and economic development is facing more difficulties and challenges. In the next stage, we should adhere to the guidance of Xi Jinping's thought of socialism with Chinese characteristics in the new era, comprehensively implement the spirit of the Central Economic work Conference and the deployment of the "Government work report", and co-ordinate epidemic prevention and control and economic and social development. adhere to the word stability, seek progress in stability, put stable growth in a more prominent position, strengthen the implementation of macro policies, and do a solid job in the work of "six stability" and "six guarantees". We will strive to stabilize the macro-economic market, continue to stabilize employment and prices, effectively ensure people's livelihood, and keep the economy running within a reasonable range.

"related readings:

National Bureau of Statistics: investment in real estate development increased by 0.7% from January to March 2022

National Bureau of Statistics: national fixed asset investment (excluding farmers) increased by 9.3% from January to March 2022

National Bureau of Statistics: industrial value added above scale increased by 5.0% in March 2022

National Bureau of Statistics: production of 396 million tons of raw coal in March increased by 14.8% over the same period last year

National Bureau of Statistics: the utilization rate of national industrial capacity was 75.8% in the first quarter of 2022.

National Bureau of Statistics: total retail sales of consumer goods increased by 3.3% in the first quarter of 2022

National Bureau of Statistics: the per capita disposable income of residents increased by 5.1% in real terms by 10345 yuan in the first quarter of 2022.

National Bureau of Statistics
GDP
first quarter
national economy
growth

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