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Shandong's GDP hits US$36b in 1st quarter
(Xinhua)
Updated: 2004-05-04 21:56

East China's Shandong Province witnessed a fairly fast economic growth in the first three months, with its gross domestic product reaching 298.66 billion yuan (US$36 billion), up 15.1 percent year on year.

That growth rate in the first quarter was 2.8 percentage points higher than the same period of last year, according to the latest figures of the Shandong Provincial Bureau of Statistics.

In the first three months, Shandong continued its momentum of rapid development in its industrial output, with the industrial added value totaling 158.13 billion yuan (US$19 billion), a year-on-year increase of 20.7 percent.

The tertiary industry, or services industry, reported an added value of 106.96 billion yuan (US$13 billion), up 10 percent over the same period of last year.

However, the province's agricultural industry increased by only 4.6 percent, totaling 22.76 billion yuan (US$2.7 billion), reveal the statistics.

The province's entrepreneur confidence index and business climate index, two major indices relating to economic future and dynamics, stood at 142.1 and 140.3 respectively , both at their record high level in the first quarter, according to an enterprise prosperity investigation on 3,000 enterprises.

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