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Media: China's Hainan economy increased by 17.5% in January-June

In the first half of the year, trade in the region was actively developing

HAIKOU, July 22. /TASS/. Hainan's economy in the first half of the year grew by 17.5% compared to the same period in 2020. According to www.hinews.cn, the gross regional product (GRP) from January to June 2021 amounted to almost 288.6 billion yuan (about $ 44.6 billion).

The largest part of Hainan's GRP was created in the service sector - the total added value in this sector amounted to 177.4 billion yuan ($ 22.4 billion). The industrial sector accounted for 49.7 billion yuan ($ 7.7 billion), the agricultural sector - 61.5 billion yuan ($ 9.5 billion). The tertiary sector of the economy showed the fastest growth rates, its part of the GRP increased by 23.7% compared to the same period in 2020. The share of the secondary sector increased by 13.4%, the primary - by 5.1%.

The Hainan Free Port economy has already recovered from the effects of the coronavirus pandemic. In January-June, retail sales of consumer goods in the province reached 117 billion yuan ($ 18.1 billion), up 46.4% over the first half of 2020 and 22.7% up over the same period in 2019.

In the first half of the year, trade in the region was actively developing. Hainan's foreign trade turnover amounted to 58.5 billion yuan ($ 9.1 billion), an increase of 46.1% over the same period last year. The volume of imports and exports of services increased by 81.2%, amounting to 13.7 billion yuan ($ 2.1 billion).

Amid the coronavirus pandemic and 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). The dynamics of economic development on Hainan turned out to be significantly 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% in 2021. In the first quarter of this year, the rate of economic growth amounted to 19.8%.

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