Beijing-Tianjin-Hebei GDP reaches 2.5 trillion yuan in Q1

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According to data released by the Beijing Municipal Bureau of Statistics, the Beijing-Tianjin-Hebei region's GDP reached 2.5 trillion yuan (345.22 billion) in the first quarter of 2024. Beijing, Tianjin, and Hebei contributed 1.06 trillion yuan, 389.01 billion yuan, and 1.05 trillion yuan, respectively, with year-on-year growth rates of 6%, 5.3%, and 5.6%.

The service sector played a significant role, contributing over 70% to Beijing's GDP. Growth rates were 5.8% in Beijing, 5.1% in Tianjin, and 4.5% in Hebei. In particular, modern services proved to be key growth drivers, with information transmission, software and IT services and financial services combined contributing nearly 80% to Beijing's services growth.

Investment in the region showed strong momentum in the first quarter. Fixed asset investment (excluding rural households) grew by 13.6% in Beijing and 6.7% in Hebei, while Tianjin reversed its decline with a 5.9% increase. Investment in high-tech industry surged, with Beijing and Hebei seeing growth rates of 33.7% and 45.1% respectively, and Tianjin's strategic emerging industries growing by 18.3%.

Retail sales of consumer goods totaled 826.55 billion yuan in the region, a 2.1% increase year on year. New energy vehicle sales were particularly strong, with retail sales rising by 18.9% in Beijing, 19% in Tianjin, and 41.6% in Hebei.

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