Hangzhou's Q1 GDP Grows 18.3%: Digital Economy and Manufacturing Lead Development
Hangzhou statistical authorities announced on April 26 that the city's GDP grew 18.3 percent year-on-year to 419.8 billion yuan ($64.73 billion) in the first quarter of this year, driven by robust performance in its pillar industries.
The digital economy and manufacturing—two cornerstone industries of Hangzhou—have been the primary engines behind this growth, showcasing the city's economic resilience and structural optimization.
- Above-designated-size manufacturers (annual revenue ≥ $3.1 million) saw 28.4% year-on-year growth in added value.
- General machinery manufacturing: 47.1% growth; electrical machinery: 48.2% growth; automobile industry: 71.9% growth.
- Profits of above-designated-size enterprises surged 309.3% year-on-year in January-February.
In the digital economy sector, the added value of core industries accounted for 26.7% of Hangzhou's total GDP in Q1, up 28.1% year-on-year. The electronic information products manufacturing industry led with the fastest growth at 39.8% year-on-year.
Hangzhou also ramped up investments: fixed assets investment rose 34.7%, industrial projects investment 25.9%, and infrastructure investment 65.7% year-on-year, laying a solid foundation for sustained growth.
Benefiting from economic expansion, the disposable income of Hangzhou residents reached 20,861 yuan in Q1, growing 16.4% year-on-year. The urban-rural income ratio narrowed to 1.66 from 1.70 a year earlier, reflecting more balanced development.
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