Jiangsu reports steady economic growth in Jan-May

East China’s Jiangsu province reported steady economic growth in the first five months of this year and major economic indicators such as industry, investment, and consumption have maintained steady and restorative growth, the provincial bureau of statistics said on Tuesday.

From January to May, the province's industrial value added above designated size increased by 23.8% year-on-year with the two-year average growth rate hitting 10.9%, which was 5.7 percentage points higher than the same period in 2019.

The province reported a growth rate of 30% in the electrical, automotive, special equipment, general equipment and metal products manufacturing industries. The output of new energy vehicles in May increased by 261.2% year-on-year.

Jiangsu reported a year-on-year increase of 12.8% in fixed asset investment, an average increase of 0.1% in two years. The growth of industrial, infrastructure, private and real estate investment reached 11.6%,3.5%,15.7%, and 17.5% respectively.

Jiangsu reported year-on-year increase of 31.2% in the total retail sales of consumer goods, an average increase of 7.3% in two years. The turnover of the catering and accommodation industries increased by 57.6% and 70.5% year-on-year. The province also reported a significant increase in the sales of gold and silver jewelry, automobiles, clothing, shoes, hats, needles and textiles year on year.