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Media: Hainan's economy up by 19.8% in the first quarter of 2021

Hainan plans to increase its gross regional product by more than 10% this year.

HAIKOU, April 22. /TASS/. Hainan's gross regional product (GRP) in the first quarter of 2021 increased by 19.8% and amounted to 139.6 billion yuan (about $ 21.5 billion), reported the "Hainan Daily".

Significant growth was seen in Hainan's service sector, it accounted for more than 87.2 billion yuan (approximately $ 13.4 billion), up by 25.5% over the same period in 2020. The share of the tertiary sector of the region's economy exceeded 62% of the GRP. The spheres of wholesale and retail trade, hotel and restaurant business, as well as the transport industry developed especially rapidly. Their economic growth rates were 64.2%, 42.5% and 72.2%, respectively.

The added value in the secondary sector of Hainan amounted to 21.8 billion yuan (about $ 3.4 billion), an increase of 18.8% over the period. The industrial sector accounted for 13 billion yuan ($ 2 billion), the construction sector - 8.8 billion yuan ($ 1.4 billion).

The agricultural sector in the first quarter accounted for 30.6 billion yuan (about $ 4.7 billion) of the total GRP. The agricultural sector showed more moderate rates of economic growth, the added value of the agricultural sector increased by 5.2%.

Amid the coronavirus pandemic and the tense economic situation in the world, Hainan's gross regional product in 2020 increased by 3.5% and amounted to 553.23 billion yuan ($ 85.51 billion at the current exchange rate). The dynamics of Hainan's economic development turned out to be noticeably higher than the growth rate of China's GDP, which over the same period amounted to 2.3%. Hainan plans to increase its gross regional product by more than 10% this year.

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