Hubei Province GDP Drops Nearly 40% in First Quarter Following COVID-19 Outbreak

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The central Chinese province of Hubei where the COVID-19 outbreak first emerged has seen a huge drop in its GDP in the first quarter since the pandemic began.

On 21 April the Hubei Province statistical department announced that in first quarter of 2020 the province posted total GDP of 637.935 billion yuan for a YoY decline of 39.2%

Official data indicates that China’s national GDP saw a YoY contraction of 6.8% in the first quarter of 2020, for the first such decline since 1992.

Primary industry in Hubei Province posted added value of 54.068 billion yuan in the first quarter, for a YoY decline of 25.3%.

Secondary industry posted added value of 214.696 billion yuan, for a decline of 48.2%, while tertiary industry posted added value of 369.171 billion yuan, for a decline of 33.3%.

Out of 41 industries surveyed in Hubei Province only three industries maintained negative growth – tobacco production, other mining and petroleum and natural gas.

Fixed asset investment in Hubei province dropped 82.8% YoY in the first quarter, with infrastructure investment declining 84.4% and private investment dropping 82.6%.

Industrial investment fell 85.0%, while full province real estate development totalled 25.722 billino yuan, for a decline of 73.7%.

The full province commercial housing sales floorspace was 3.1729 million square metres, for a decline of 80.3%, while the sales sum was 21.087 billion yuan, for a decline of 85.0%.

Retail sales of consumer goods totalled 293.943 billion yuan, for a YoY decline of 44.9%.

Local normal public budget revenues were 54.249 billion yuan, for a decline of 47.6%

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