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Tibet GDP grows 8.7% in first three quarters

By: Liu Fang, Zhu Shan, China Tibet News
Updated: November 18, 2019

China's Tibet Autonomous Region's gross domestic product (GDP) grew 8.7% year on year to 115.6 billion yuan RMB in the first three quarters, ranking second in China, according to the data released by Tibet Autonomous Region's Statistics Bureau. The output value of agriculture, forestry, animal husbandry and fishery increased 3.8%, 1.5 percentage points higher than that of the same period last year; the industrial added value reached rose 7.9% to 7.57 billion yuan RMB, and the industrial added value of all above-scale industries increased by 6.5%, up 1.4 percentage points compared to the same period last year; the added value of the tertiary industry stood at 60.48 billion yuan RMB, an increase of 7.7% from a year ago. The tertiary industry remains the backbone of the economic development.

 
Tibet saw the stable and sustainable economic growth from January to September. Its growth rate remains the fastest one in the whole country. Of its total GDP, the added value of the tertiary industry stood at 60.48 billion yuan RMB, an increase of 7.7% from a year ago.
 
The rural economy continues to grow. Its growth pace didn't exceed one percentage point compared with the same period last year. Since the beginning of this year, the poverty alleviation work in agricultural and pastoral areas has been strengthened, greatly boosting rural economy. Between January and September, the total output value of agriculture, forestry, animal husbandry and fishery rose 3.8%, a year-on-year increase of 1.5 percentage points, keeping the rapid growth.
 
The industrial economy continues to rebound. During the past nine months, the industrial added value reached 7.57 billion yuan RMB, up 7.9%, and the industrial added value of all above-scale industries increased by 6.5%, up 1.4 percentage points compared with the same period last year. The manufacturing industry grew by 6.6%; the industrial production and supply of electricity, heat, gas and water increased 18.2%. In terms of the output of main products, the output of cement and Chinese patent medicine grew 23.5% and 14.2% respectively.
 
The tertiary industry develops rapidly. In the first three quarters, the added value of the tertiary industry stood at 60.48 billion yuan RMB, a year-on-year increase of 7.7%. Its growth rate was 4.4 percentage points higher than that of the same period last year. The added value of for-profit service industry increased 26.8%, up 6.5 percentage points from the previous year. The added value of non-for-profit service industry rose 4%, up 14.8 percentage points from a year earlier.
 
The market demand is increasing. Over the past three quarters, the regional total retail sales of consumer goods grew 6.8%. The growth rate was 0.1% higher than that of the previous year. The rural and urban retail sales soared 6.6% and 7.7% respectively. The fixed-asset investment and the total volume of foreign trade continued to decrease. The regional fixed asset investment decreased 20.6%. The foreign trade dropped 15.2%.
 
The operating environment for economy was stable and sound. Over the past nine months, the regional fiscal expenditure rose 7.5%; the Renminbi consumption loans of all financial institutions grew 7.1%; the regional consumer price index, a main gauge of inflation, rose 2.1%, the growth rate was similar to the same period of last year. The producer price index dropped 1.5%. The freight turnover and the passenger turnover increased 10.2% and 2.6% respectively.
 
With the strengthening capability of the regional service industry, the residents' income keeps rapid increase. In addition, the region also sees steady employment and increasing economic vitality.