In the first three quarters of 2024, Liaoning Province’s GDP increased by 4.9% year-on-year.
On October 20, during a press conference held by the Liaoning Provincial Government’s Information Office, it was announced that the province’s economy demonstrated overall stability and a positive developmental trend in the first three quarters of 2024.
According to the unified calculation of the regional GDP, Liaoning’s GDP for the first three quarters reached 22,549.9 billion yuan, reflecting a year-on-year increase of 4.9% based on constant prices. Breaking it down by industry, the primary sector achieved an added value of 1,545.1 billion yuan, growing by 4.8%; the secondary sector’s added value was 8,876.4 billion yuan, with a growth rate of 5.1%; and the tertiary sector saw added value of 12,128.4 billion yuan, rising by 4.7%.
“We see strong resilience and robust driving forces in Liaoning’s economic development,” stated Zhang Xudong, a member of the Liaoning Provincial Statistics Bureau and head of the investigation team. He noted that the province’s GDP grew by 4.9%, exceeding the national average by 0.1 percentage points. This marks the seventh consecutive quarter that Liaoning’s growth has matched or surpassed national rates, following a period in which its growth rate aligned with the national average in the first half of the year. The growth in industrial added value also accelerated by 0.1 percentage points compared to the first half, with the gap between Liaoning and the national average narrowing by 0.3 percentage points. Additionally, the growth of the total retail sales of consumer goods outpaced the national rate by 0.9 percentage points for 18 consecutive months, and fixed asset investment growth shifted from being 1.4 percentage points lower than the national average in the first half to now exceeding it by 1.4 percentage points. These indicators reflect Liaoning’s comprehensive revitalization and significant potential.
Zhang further explained that the economic operation in Liaoning shows a continuing improvement on both the supply and demand sides.
On the supply side, the availability of major agricultural products remains strong, with production of pork, beef, lamb, and poultry increasing by 6.2%, and seafood production up by 5.2%. Despite facing multiple rounds of heavy rainfall that affected some regions in the third quarter, the province effectively responded to minimize the impact on agriculture, resulting in a 2.7% increase in vegetable and mushroom production and a 4.3% increase in fruit output. The industrial sector remains robust, with over 70% of the 40 major industries in the province experiencing growth. Specifically, the equipment manufacturing, metallurgy, and agricultural product processing industries reported added value increases of 4.5%, 7.2%, and 4.4%, respectively. The service industry is also stabilizing, with a 4.7% increase in added value. Notably, the transportation, storage, and postal service sectors grew by 8.0%, while the accommodation and catering industries saw a 5.7% rise. The revenue from major enterprises in internet-related services and leasing and business services grew by 13.0% and 8.7%, respectively.
On the demand side, there was an acceleration in fixed asset investment growth, with an increase of 1.3 percentage points compared to the first half of the year, outpacing the national average by 1.4 percentage points. After being lower than the national average in the first half and equal in the one to eight-month period, the province is again performing above national rates. The monthly market sales reached new heights, with September’s total retail sales of consumer goods exceeding 100 billion yuan, setting a historical record for sales volume. Furthermore, exports also saw rapid growth, with an overall increase of 3.0%, including a significant 17.5% growth in September, marking the highest monthly growth rate of the year.
