Guangdong Fails to Match National GDP Growth Levels as Real Estate Slump Bites

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A real estate development project in Guangdong.

Guangdong has reported only 3.9% growth in its gross domestic product for the first half of the year, falling behind the national average of 5%.

China’s largest economic province, which contributed 11.76% of the country’s GDP last year, has seen its share of national GDP drop 1.2 percentage points.

The continuing slowdown in the real estate industry was the main factor. Real estate investment fell by 16.8% in the first six months, a steeper decline than the 10% in 2023, according to data released by the Guangdong Provincial Bureau of Statistics Tuesday.

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Guangdong's GDP grew by 3.9% in the first half of 2024, below the national average of 5%.
Real estate investment in Guangdong fell by 16.8%, contributing to its economic slowdown, with total retail sales growth at only 1.2%.
Despite challenges, Guangdong targets 5% GDP growth for 2024 and emphasizes economic stability and progress.

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What Happened When

Tuesday, July 23, 2024：: Guangdong Provincial Bureau of Statistics released data indicating that real estate investment fell by 16.8% in the first six months of 2024.