The economy of Wenzhou, a city in Zhejiang province, has charted a recovery trajectory in 2023, as the city achieved a regional gross domestic product (GDP) of 873.06 billion yuan ($121.7 billion), demonstrating robust year-on-year growth of 6.9 percent.
The value-added growth of the first, second, and tertiary industries increased by 4.9 percent, 7.2 percent, and 6.8 percent, respectively, compared to the previous year.
In 2023, Wenzhou's above-designated-size industrial enterprises achieved an added value of 161.98 billion yuan, registering year-on-year growth of 9.4 percent.
The added value of strategic industries such as new energy, new materials, and life and health recorded impressive year-on-year growth rates of 11.7 percent, 9.9 percent, and 10.7 percent, respectively.
The service industry, representing over half of the economy, sustained its recovery in 2023, with a 6.8-percent increase in added value compared to the previous year.
The resurgence of the consumer market showcased the city's economic vitality, with the total retail sales of social consumer goods reaching 425.71 billion yuan, marking a 7.9-percent growth rate compared to the previous year.
The growth in consumption can also be attributed to the increase in per capita disposable income. In 2023, Wenzhou residents enjoyed an average per capita disposable income of 67,380 yuan, a noteworthy 6.9-percent increase from the previous year.
