Manufacturing proves a key driver, increasing by 15pc
Guangdong's economy grew by 12.5 per cent, or 2.17 trillion yuan last year, with provincial authorities trumpeting that it had again surpassed the gross domestic product in Hong Kong and Singapore.
According to data released on Wednesday by the Guangdong Statistics Bureau, the province's secondary industry - manufacturing - posted its biggest year-on-year gain in value, growing 1.07 trillion yuan, or 15 per cent.
The bureau said based on present exchange rates, the province's GDP was US$264.84 billion last year, higher than that of either Hong Kong or Singapore. Last year, Hong Kong's GDP reached US$165.5 billion and Singapore's was US$111.45 billion.
Guangdong's expansion was mainly fuelled by increases in investment and exports.
Exports from the province accounted for about a third of the country's total and amounted to US$238.2 billion, a rise of 24.3 per cent. The national economy grew 9.9 per cent last year to become the fourth largest in the world.
Still, Jonathan Anderson, chief Asian economist at UBS in Hong Kong, said yesterday he was not surprised, as Guangdong had overtaken Singapore and Hong Kong since 1997 and 2002, respectively.
