Coronavirus-hit Hubei sees economy shrinking nearly 40% in Q1

WUHAN -- Gross domestic product (GDP) of Central China's Hubei province hit hard by the COVID-19 epidemic stood at 637.935 billion yuan ($89.9 billion) in the first quarter, down 39.2 percent year-on-year, the provincial bureau of statistics said on Tuesday.

The added value of Hubei's primary industry was down 25.3 percent year-on-year during the January-March period to 54 billion yuan, compared to a 48.2-percent drop in the secondary industry to 214.7 billion yuan and a 33.3-percent decline to 369.2 billion yuan in the service sector, according to the bureau.

The province's total trade volume decreased by 20.9 percent in the first quarter to 62.75 billion yuan, with exports down 38.1 percent to 31.83 billion yuan while imports up 11.1 percent to 30.92 billion yuan.

Fixed-asset investment and retail sales also decreased by nearly 83 percent and 45 percent respectively in the first three months, when the province prioritized strict containment measures against the epidemic.

The per capita disposable income in Hubei dropped by 11.8 percent for urban residents and was down 10.2 percent for rural residents, according to statistics.

The local economy is slowly getting back on track since March as the COVID-19 epidemic wanes in the country, local authorities said.