A residential buildings is under construction in Futian, Shenzhen, in this file photo. The economy of central Shenzhen district Futian expanded 2.8 percent year on year in the first three quarters of this year, official data have shown, with the district’s real estate development investment increased by 10.8% during the period.

The economy of central Shenzhen district Futian expanded 2.8 percent year on year in the first three quarters of this year, official data have shown.

Futian’s statistics bureau released key economic figures about the economic performance of the district for the first three quarters of 2023 on October 31.

According to the unified accounting results of Shenzhen's total gross domestic product (GDP), the GDP of Futian reached 408.83 billion yuan (US$55.85 billion), representing a year-on-year growth of 2.8%.

A breakdown of Futian’s overall economic performance shows that the added value of the primary industry in the district was 134 million yuan, a decline of 4.3% compared with the same period last year.

The added value of the secondary industry reached 380.93 billion yuan, an increase of 1.7% from the previous year. The added value of the tertiary industry rose to 3,705.76 billion yuan, showing a growth of 2.9% compared with the same period last year.

Other key economic indicators of Futian also include:

The added value of large-scale industries in the first three quarters of the year grew by 2.9% in the district.

The wholesale sector achieved a total sales volume of 878.2 billion yuan, a decline of 8.1% in the first three quarters compared with the same period a year ago, while the retail sector achieved a total sales volume of 148.58 billion yuan, recording a growth of 4% year on year.

The accommodation sector achieved a total turnover of 3.115 billion yuan, representing a growth of 29.8% in the first three quarters. The catering sector accomplished a total turnover of 17.926 billion yuan, showing a growth of 19%.

The total retail sales of consumer goods for the first three quarters of the year reached 176.395 billion yuan, accounting for 23.1% of the total sales in the city and registering a growth of 6.4%.

The fixed asset investment in the district declined 1.8% year on year in the first three quarters. Among them, real estate development investment increased by 10.8%, while non-real estate project investments decreased by 6.8%.