China's Guangdong province's GDP rises 3.4% year-on-year in January-September, but real estate investment falls 17.2% - Chinese report

On the 21st, the Statistics Bureau of Guangdong Province, China, announced the economic situation for January to September of this year. The gross domestic product (GDP) of Guangdong Province for January to September 2024 is a real figure excluding the effects of price fluctuations, and is expected to be 1.1 times the previous year.
It increased 3.4% year-on-year to 9,993,918 million formers (approximately 212,800 billion yen). By sector, the primary industry increased 3.0% to 404,127 million formers (approximately 8,600 billion yen).
The secondary industry increased by 4.8% to 3,970,236 million formers (approximately 84.5 trillion yen), and the tertiary industry increased by 2.5% to 5,619,555 million formers (approximately 119.6 trillion yen).
During the same period, the added value of industrial enterprises of a certain size or larger in the province increased by 4.7% to 3 trillion former (approximately 63.9 trillion yen). Fixed asset investment in the province decreased by 3.4%. Excluding investment in real estate development.
By item, industrial investment increased by 9.1%, advanced manufacturing investment increased by 12.6%, high-tech manufacturing investment increased by 14.5%, basic equipment investment decreased by 0.4%, and real estate development investment increased by 2.2%.
The total retail sales of consumer goods in the province increased by 0.7% to 3.54 trillion former (approximately 75.4 trillion yen). By location of business establishments, urban areas increased by 0.3%.
In the breakdown of consumption, retail sales of goods increased by 0.4%, while restaurant income increased by 2.9%.