The gross domestic product (GDP) of Hubei Province totaled 5,580.363 billion yuan in 2023, ranking 7th in the country, Hubei Provincial Statistics Bureau and Survey Office of the National Bureau of Statistics in Hubei reported on January 26, 2024.

Measured at constant prices, the figure represents a 6 percent rise from the previous year, surpassing the national average by 0.8 percentage points.

Wuhan, the provincial capital city, saw its GDP exceed 2 trillion yuan in 2023, advancing to a new level.

In 2023, the province’s economy sustained a steady growth, with GDP growing by 5.1 percent, 5.6 percent and 6.0 percent in Q1, H1, and the first three quarters, respectively.

Last year, the value added of the primary, secondary and tertiary industries registered 507.338 billion yuan, 2,021.55 billion yuan and 3,051.474 billion yuan with growth rates of 4.1 percent, 4.9 percent and 7.0 percent, respectively. Compared to national average, the growth of the primary industry remained on par, while those of the secondary and tertiary industries expanded by 0.2 and 1.2 percentage points, respectively.

Key indicators have shown excellent performance in the province. The added value of the agriculture, forestry, animal husbandry and fishery, the added value of industries above designated size, the operating income of major service industries above designated size, fixed asset investment, total retail sales of consumer goods, and total import and export value have respectively experienced growth rates of 4.3 percent, 5.6 percent, 12.8 percent, 5.0 percent, 8.5 percent, and 5.8 percent, all surpassing the national average.

Moreover, Hubei has made rapid progress in industrial transformation and upgrading in the same year. The output of NEVs, LCD modules, and polycrystalline silicon increased by 30.6 percent, 109.4 percent, and 169.3 percent, respectively. The province ranked third in the country in terms of the number of national innovative industry clusters, and its added value of high-tech industries contributed over one trillion. (en.hubei.gov.cn by Ruan Xinqi and Li Yiang)