Shanghai’s economy grows 6.8% in 2016 – Business

Shanghai's economy grows 6.8% in 2016

A night view of the Bund in Shanghai, July 21, 2015. [Photo/IC]

SHANGHAI – Shanghai’s economy grew 6.8 percent in 2016, the local statistics bureau announced Sunday.

It outpaced the country’s 6.7 percent GDP growth but is slightly lower than the 6.9 percent increase in the previous year.

Shanghai’s GDP reached 2.75 trillion yuan ($400 billion) with continued expansion of the tertiary sector, which made up 70.5 percent of last year’s gross domestic product, 2.7 percentage points more than in 2015.

Value added in primary industries dropped 6.6 percent to 11 billion yuan, while growth in secondary and tertiary industries were 1.2 percent and 9.5 percent, respectively.

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