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6月经济数据点评:量价分配开启再均衡之路
Huachuang Securities· 2025-07-16 04:42
Economic Growth - The GDP growth rate for Q2 is 5.2%, with a cumulative growth rate of 5.3% for the first half of the year, indicating a reduced difficulty in achieving the annual GDP target[2] - The nominal GDP growth rate for Q2 is 3.94%, with a contribution rate of 132% from volume and -30.6% from price, highlighting a high degree of imbalance in volume-price distribution[2][9] - Final consumption expenditure contributed 52.3% to economic growth in Q2, slightly up from Q1, while capital formation contributed 24.7% and net exports contributed 23%[3][25] Investment and Consumption - Fixed asset investment growth in June was -0.1%, down from 2.7% in the previous month, with manufacturing and infrastructure investment both declining[4][55] - The consumer spending growth rate in June was 4.8%, down from 6.4%, with notable declines in restaurant and related goods consumption[4][44] - The consumer propensity to spend was 68.6% in Q2, slightly higher than the previous year's 68.5%, indicating a stable consumer sentiment[5][28] Capacity Utilization and Employment - The capacity utilization rate for Q2 was 74.0%, down from 74.9% in the same period last year, with several industries showing declines[3][32] - The total number of rural migrant workers was 19.139 million at the end of Q2, with a year-on-year growth of 0.7%[3][35] - The urban survey unemployment rate remained stable at 5.0% in June, reflecting a steady employment situation[40]
今年前5月辽宁规模以上工业增加值同比实际增长3.4%
Zheng Quan Shi Bao Wang· 2025-06-19 13:04
Economic Growth - Liaoning Province's industrial added value increased by 3.4% year-on-year from January to May 2023 [1] - Mining industry added value grew by 13.2%, manufacturing by 1.6%, and electricity, heat, gas, and water production and supply by 4.4% [1] Industry Performance - Among 40 major industries, 27 reported year-on-year growth, resulting in a growth rate of 67.5% [1] - Notable growth sectors include railway, shipbuilding, aerospace, and other transportation equipment manufacturing at 37.3%, and electrical machinery and equipment manufacturing at 12.9% [1] - Chemical raw materials and products manufacturing saw a decline of 5.0%, while automotive manufacturing decreased by 0.7% [1] Product Output - Out of 68 key products, 64 were produced, with 25 showing year-on-year growth, a growth rate of 39.1% [2] - Significant increases were seen in transformers (110.0% growth) and primary plastic forms (7.6% growth), while aluminum production fell sharply by 68.5% [2] Investment Trends - Fixed asset investment in Liaoning Province grew by 0.1% year-on-year, with first industry investment up by 16.3% and second industry investment by 1.7% [2] - Infrastructure investment increased by 1.5%, while manufacturing investment rose by 12.8% [2] - The number of construction projects decreased by 9.3%, with a total of 8,593 projects [2] Consumer Market - Social retail sales in Liaoning reached 419.1 billion yuan, a year-on-year increase of 6.4% [3] - Retail categories with significant growth included home appliances (91.2%) and furniture (77.0%), while petroleum products saw a decline of 1.9% [3] Trade Performance - Total import and export value for Liaoning was 304.8 billion yuan, a decrease of 1.8% year-on-year [3] - Exports increased by 12.1% to 161.55 billion yuan, while imports fell by 13.9% to 143.25 billion yuan [3]