On October 23, the Yunnan Provincial Bureau of Statistics, along with the National Bureau of Statistics’ Yunnan Survey Team, released the economic performance report for Yunnan in the first three quarters of 2024. According to the unified account of the regional gross domestic product (GDP), the province achieved a GDP of 22,110.03 billion yuan, marking a year-on-year growth of 3.0%.
In the first three quarters, the primary industry in Yunnan saw an increase in value-added output of 2.9%, totaling 2,333.15 billion yuan. The secondary industry added 7,449.48 billion yuan, growing by 1.7%, while the tertiary industry reached a value-added output of 12,327.40 billion yuan, representing a growth of 3.7%.
The total output value of Yunnan’s agriculture, forestry, animal husbandry, and fishery sectors grew by 2.9% year-on-year. Notably, agricultural output (planting) increased by 4.9%, forestry output rose by 6.8%, while animal husbandry faced a decline of 2.4%. On the other hand, fishery output went up by 5.8%, and the output from agricultural and auxiliary activities increased by 4.7%.
In terms of industrial performance, Yunnan’s industrial economy showed signs of stabilizing yet slowing down. The value-added of industries above designated size increased by 3.4% year-on-year. When looking at the three major sectors, mining experienced a decline of 3.6%, manufacturing grew by 2.6%, and the production and supply of electricity, heat, gas, and water saw an impressive increase of 8.6%.
The equipment manufacturing and high-tech manufacturing sectors reported value-added growth rates of 22.8% and 22.0%, respectively, significantly surpassing the overall industrial growth rates by 19.4 and 18.6 percentage points. The electronics industry maintained a strong growth momentum, with an increase of 27.0%. The silica photovoltaic, green aluminum, and new energy battery industries also performed well, achieving growth rates of 8.8%, 14.7%, and 14.3%, all exceeding the overall industrial growth rate and collectively contributing 28.7% to that growth.
In the first three quarters, the electricity output from industries above designated size in Yunnan reached 330.22 billion kilowatt-hours, a 12.3% increase compared to last year. The proportion of clean energy reached 86.9%, up by 2.8 percentage points from the previous year.
Additionally, data showed that from January to August, the revenue of large-scale service industries in Yunnan totaled 230.76 billion yuan, marking a 6.5% year-on-year increase. The total retail sales of consumer goods in the province reached 873.83 billion yuan in the first three quarters, reflecting a modest 2.8% growth, consistent with the first half of the year. However, fixed asset investment (excluding households) dropped by 11.4%, although the decline was slightly narrower compared to the first eight months of the year. Excluding real estate development, transportation, and water conservancy investments, fixed asset investment grew by 0.5%.
Consumer prices in Yunnan, measured by the Consumer Price Index (CPI), rose by 0.1% year-on-year, aligning with figures from the first half of the year. The average disposable income per resident in the province reached 21,474 yuan, a nominal increase of 5.4%, with real growth after accounting for inflation at 5.3%. The urban survey unemployment rate averaged 5.1%.
In summary, the Yunnan Provincial Bureau of Statistics indicated that the economic performance in the first three quarters has faced pressure but managed to maintain growth, with improvements in quality and efficiency becoming increasingly apparent. The impact of policies is gradually emerging, with structural adjustments and upgrades continuing. However, challenges such as insufficient effective demand and weak market expectations remain. Moving forward, Yunnan aims to enhance the synergy between incremental and existing policies, prevent and resolve various risks, improve social expectations, energize the market, and foster new production capabilities, all while working towards establishing a modern industrial system unique to Yunnan and solidifying the foundations for sustained economic recovery.
