City posts strong retail, industrial growth

By Wang Yanlin  |   2008-6-19  |     ONLINE EDITION

SHANGHAI'S retail sales in May expanded 17.1 percent to 38.6 billion yuan (US$5.6 billion), the highest monthly increase this year, the Shanghai Statistics Bureau said today.

Meanwhile, industrial output increased 16.1 percent to 208.4 billion yuan last month, the second highest monthly growth this year after February.

"Although the Labor Day holiday was cut to three days this year, the enthusiasm to spend during the holiday did not change. Spending in shops and restaurants rising tremendously," said Wu Yanrong, an analyst with the bureau.

During the three-day Labor Day holiday, the sales of 3,000-plus shops under 354 big- and middle-sized commercial enterprises increased 22 percent to 2.2 billion yuan. Among them, spending at Nanjing Pedestrian Mall and Yuyuan Garden increased 7.6 percent and 20 percent respectively.

Sales in the catering industry last month climbed 20 percent on year to 5.8 billion yuan, fueled by family gatherings and weddings.

But the strongest growth went to petroleum-related expenditures as oil prices were in an upward spiral. The city's petroleum-related spending surged 31.8 percent on year to 526 million yuan in May.

There were 10,881 cars sold in Shanghai last month with revenue increasing 26.3 percent to 2.28 billion yuan. Spending on jewelry and cosmetics also jumped 28.5 percent and 27 percent to 653 million yuan and 724 million yuan.

Output of Shanghai's industrial production in May also expanded.

The city's six key industries -- electronics, vehicles, fine steel, petrochemical processing, equipment and biomedicine -- had combined growth of 17 percent on year to 135.6 billion yuan, accounting for 65 percent of Shanghai's total output.

The production of vehicles expanded 14.5 percent to 15.6 billion yuan or 67,200 units.