Shanghai's gross domestic product increased by 5.4 percent year-on-year in 2025, reaching 5.67 trillion yuan ($814.08 billion), the local bureau of statistics said on Jan 21.

The primary industry saw an increase of 2 percent, with a total added value of 9.939 billion yuan; the secondary industry grew 3.5 percent, reaching 1.165 trillion yuan; while the tertiary industry, dominated by the service sector, expanded by 6 percent, totaling 4.496 trillion yuan.

Here are Shanghai's key economic highlights for 2025:

Industrial production

• Shanghai's industrial sector grew 5 percent year-on-year in industrial added value. The total output value of industrial enterprises above a designated size increased by 4.6 percent.
• Specifically, the manufacturing of railway, ship, aerospace and other transportation equipment surged 15.8 percent. The electrical machinery and equipment manufacturing sector grew by 11.1 percent, followed by the automobile manufacturing at 7.8 percent, and the computer, communication, and other electronic equipment manufacturing at 7.7 percent.
• The manufacturing output value of three pioneer industries rose by 9.6 percent. Among these, integrated circuit manufacturing grew by 15.1 percent, while artificial intelligence manufacturing expanded by 13.6 percent. The output value of industrial strategic emerging industries increased by 6.5 percent, with the new energy industry increasing by 12.9 percent and the high-end equipment industry by 11.1 percent.

Service sector expansion

• The tertiary industry experienced rapid expansion, with a 6 percent year-on-year increase in added value.
• Information transmission, software, and information technology services led growth in services, with a 15.3 percent increase, generating 713.99 billion yuan. The financial industry also saw strong growth at 9.7 percent, reaching 897.97 billion yuan. Furthermore, transportation, storage, and postal services grew by 5.3 percent to 207.67 billion yuan, while leasing and business services increased by 5.1 percent, amounting to 498.00 billion yuan.

Fixed asset investment

• Overall fixed asset investment increased by 4.6 percent year-on-year.
• Industrial investment continued to be a driving force, surging by 20 percent, significantly outpacing the overall fixed asset investment growth rate by 15.4 percentage points. Urban infrastructure investment also saw a notable increase of 11.2 percent. Sales of newly built commercial housing decreased by 4.6 percent to 15.8 million square meters.

Consumer market dynamics

• The city's total retail sales of consumer goods reached 1.66 trillion yuan, representing a 4.6 percent year-on-year increase.
• Specific categories with notable growth included cultural and office supplies at 30.4 percent, household appliances and audio-visual equipment at 24.3 percent, furniture at 22 percent, and communication equipment at 16.4 percent. Online retail sales by businesses above a designated size saw a substantial increase of 14.1 percent.

Financial market activity

• Shanghai's major financial markets recorded a total transaction value of 4.06 quadrillion yuan, marking an 11.2 percent year-on-year increase.
• The Shanghai Gold Exchange witnessed a 44.1 percent increase in transaction value, while the Shanghai Stock Exchange's securities transactions rose by 32.2 percent, and the Shanghai Futures Exchange's transactions increased by 23.0 percent. Interbank market transactions grew by 3.2 percent.

At the end of December, the outstanding balance of deposits in both domestic and foreign currencies in financial institutions in Shanghai was 24.5 trillion yuan, representing an 11.3 percent year-on-year increase, while the outstanding balance of loans was 13.07 trillion yuan, up by 6.5 percent.

• The city's local general public budget revenue reached 850.09 billion yuan, an increase of 1.5 percent. Local general public budget expenditure amounted to 997.6 billion yuan, up by 1 percent.

Foreign trade performance

• Shanghai's total value of imports and exports reached 4.51 trillion yuan, representing a 5.6 percent year-on-year increase.
• Exports grew by 10.8 percent to 2.02 trillion yuan, while imports increased by 1.8 percent to 2.49 trillion yuan. Exports of "new trio" products, namely electric vehicles, lithium-ion batteries, and solar batteries, reached 160 billion yuan, an increase of 17.4 percent. Specifically, electric vehicle exports increased by 13.8 percent.

Price levels and income

• The city's consumer price index increased by 0.1 percent compared to the previous year, while the core CPI, which excludes food and energy prices, rose by 0.7 percent. In December, the CPI increased by 0.6 percent year-on-year.
• The city's producer price index for industrial products decreased by 2.2 percent compared to the previous year, while the purchasing price index for industrial producers decreased by 0.8 percent. In December, the PPI decreased by 0.8 percent year-on-year, while the purchasing price index increased by 0.2 percent.
• The per capita disposable income of Shanghai residents reached 91,987 yuan, an increase of 4.1 percent compared to the previous year. The per capita disposable income of urban permanent residents increased by 4 percent, while that of rural permanent residents increased by 5.4 percent. The average surveyed unemployment rate in urban areas of Shanghai was 4.2 percent.

Sources: Shanghai Municipal Statistics Bureau, Survey Office of the National Bureau of Statistics in Shanghai