Foshan’s economy is gaining steam, with GDP bouncing back over the course of this year after a slowdown in 2018. The GBA’s fourth-biggest economy clocked up a strong 7.1% growth in GDP during the first three quarters of the year, with its major industries driving the recovery while output in financial services continues to surge. This was up on Q2’s 6.9% and Q1’s 6.7%.
GDP of RMB 793.179 billion was held up by manufacturing, at RMB 460.593 billion, up 6.7% YoY. Financial services jumped 11%.
Trade was relatively stable, although still weighed down by the US-China trade war. Exports came in at RMB 280.77 billion, up 4.9%; imports were RMB 81.83 billion, up 4.6%. September was particularly strong, with total trade up 21.5% YoY to RMB 44.48 billion. Like its similarly sized neighbour across the Bay, Dongguan, Foshan is seeing strong growth in cross-border e-commerce, albeit from a small base of RMB 5.02 billion, up 88% in the first three quarters.
Trade with the US continues to languish, up only 0.4% YoY. But growth in trade with ASEAN (+12.1%) and the European Union (+11.2%) was good.