GDP in Shanghai grew 5% year-on-year in Q1, totalling 1.11 trillion Yuan ($153 billion) according to the latest figures published by the Shanghai Bureau of Statistics.

During the first three months of the year, the city’s industrial added value rose 1.9% year-on-year.

Furthermore, the three leading industries – integrated circuits, artificial intelligence, and biomedicine – continued to grow, with integrated circuits leading the pack with a growth rate of 14%.

As the world's top city in terms of NEV (New Energy Vehicle) ownership, Shanghai also sustained strong growth momentum, with a NEV production growth rate of 3.1%, Shine News reports.

Additionally, in the first quarter, Shanghai's value-added service sector grew by 5.8% year-on-year. Among these, the transportation, storage, and postal industry saw the fastest growth, with an added value of 57.724 billion Yuan, up 16.5%. 

Shanghai, being the nation's economic and trade centre, saw its financial market perform well in the first quarter, with turnover increasing by 15.6% year-on-year.

There has also been a significant increase in both the balance of local and foreign currency deposits and the balance of local and foreign currency loans of Chinese and foreign financial institutions in the city, growing by 6.7% and 7.8%, respectively.

Moreover, in regard to consumption, market consumption in Q1 was stable, with total retail sales of social consumer goods in Shanghai reaching 461.435 billion Yuan.

Real estate development investment growth in the city also increased 8.1% over the quarter.

According to Yan Yuejin, research director of E-House Research Institute, the rise in sales of luxury properties played a key role in the recovery of the property market.

As per a report on Shanghai's socio-economic indices released by the Shanghai University of Finance and Economics, the Shanghai investor confidence index returned to the optimistic zone in the first quarter of 2024, rising by 11.81 points sequentially but down by 3.46 points year-on-year.