Shandong GDP growth hits seven-year record

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Last updated at: (Beijing Time) Thursday, October 16, 2003

Shandong GDP growth hits seven-year record

Shandong Province generated 864 billion yuan (104 billion US dollars) in gross domestic product (GDP) during the first three quarters of the year,up 13.2 percent year-on-year.

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Shandong Province generated 864 billion yuan (104 billion US dollars) in gross domestic product (GDP) during the first three quarters of the year,up 13.2 percent year-on-year.

The increase is the largest for the period since 1996, said theprovincial statistics bureau on Thursday.

The GDP rise stood at 12.3 percent in early 2003, but slowed during the second quarter due to the SARS outbreak.

From June, the province began to recover, paving the way for a year-on-year 12.9 percent rise in GDP during the first half.

Rapid industrial development and huge investment in fixed assets are the reasons behind the big GDP rise during the first three quarters.

Industry contributed 61 percent to the GDP rise, and the province's fixed assets investment soared by 66.9 percent year-on-year during the corresponding period.

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