Aerial photo taken on Aug 13, 2020 shows a view of Shenzhen, south China's Guangdong province. (MAO SIQIAN / XINHUA)

Shenzhen’s gross domestic product reached was about 706.46 billion yuan ($108.14 billion) in the first quarter, growing two percent year-on-year, according to the latest statistics released by the government late on Wednesday.

The industrial value-added in Shenzhen increased 2.3 percent from January to March compared with the same period a year earlier. High-tech products achieved remarkable growth over the period, with production of new-energy vehicles surging 195.4 percent, charging piles by 150.3 percent, and 5G smartphones by 51.3 percent.

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High-tech products achieved remarkable growth over the period, with production of new-energy vehicles surging 195.4 percent, charging piles by 150.3 percent, and 5G smartphones by 51.3 percent

Fixed-asset investment grew 4.9 percent on a yearly basis in the first quarter. Among them, investment in the manufacturing sector rose 52.9 percent; electricity, heat, gas, water production and supply was up 33.6 percent; information transmission, software and information technology services increased 40.5 percent; and health and social work grew 84 percent.

The total value of retail sales in Shenzhen stood at 210.73 billion yuan in the first three months, down 1.6 percent year-on-year, as the coronavirus outbreak early in the year weighed on the sector. While commodity sales grew 0.5 percent, catering revenue dropped by 17.3 percent.

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In foreign trade, total exports and imports in Shenzhen declined by 2.8 percent to 740.48 billion yuan in the first quarter. Exports were 407.66 billion yuan, down 2.6 percent from a year earlier, while imports were 332.82 billion yuan, down 3.1 percent.

sally@chinadailyhk.com