Shandong Provincial Bureau of Statistics: Interpretation of the Economic and Social Development of the Province in the First Half of 2021

Since the beginning of this year, the overall industrial production in the province has shown a stable and positive trend, and the efficiency continues to maintain high-speed growth. In the first half of the year, industrial enterprises above designated size in the province achieved a revenue of 494.398 billion yuan, a year-on-year increase of 29.2%, and an average two-year growth of 11.3%; The total profit reached 281.55 billion yuan, a year-on-year increase of 88.1%, with an average growth rate of 25.9% over the past two years.

1、 The industry has recovered well, with over 70% of industry profits increasing. In the first half of the year, among 41 major industrial sectors, 32 industries saw a year-on-year increase in profits (or turned losses into profits or reduced losses), accounting for 78.0%. Among them, 28 industries increased year-on-year, 3 industries turned from losses to profits in the same period last year, and 1 industry reduced losses. Among the 28 industries with profit growth, 10 industries have a profit growth rate exceeding 100%, accounting for 35.7%. The loss situation of enterprises has significantly improved. As of the end of June, the loss rate of industrial enterprises above designated size was 27.1%, a year-on-year decrease of 4.0 percentage points and a decrease of 3.9 percentage points from the end of March; The loss amount of loss making enterprises in the first half of the year decreased by 30.1% year-on-year, and the loss situation has significantly improved compared to the same period last year.

2、 The raw material manufacturing industry is highly prosperous, driving the overall operational capacity of the industry to improve. Benefiting from the tight balance between supply and demand of energy raw materials and other upstream products, our province's energy raw material profits have maintained a high growth rate driven by multiple factors such as rising product prices, tax reductions, fee reductions, and profit sharing. In the first half of the year, the profit of the raw material manufacturing industry increased by 313.5% year-on-year, contributing 82.3% to the profit growth rate of industries above designated size, and driving profit growth by 72.5 percentage points; The two-year average growth rate is 54.2%, which is 28.3 percentage points higher than that of industries above designated size, making it the industry sector with the strongest driving force. The energy and raw materials industry is highly prosperous, with strong production and sales, which has enhanced the overall capital utilization ability of the industry. At the end of June, the inventory turnover days of industrial products above designated size were 19.3 days, a decrease of 3.6 days year-on-year and 0.9 days compared to the end of March; The average collection period for accounts receivable is 44.1 days, a decrease of 8.6 days year-on-year and a decrease of 1.9 days from the end of March.

3、 Private industrial enterprises seize opportunities and maintain a good growth trend in efficiency. Private industrial enterprises fully leverage their flexible mechanism advantages, seize opportunities for overseas order return, vigorously promote export growth, and achieve rapid economic growth. In the first half of the year, the delivery value of private industrial exports increased by 30.5% year-on-year; The year-on-year growth of operating revenue and profit was 30.9% and 66.6% respectively, with an average growth rate of 12.0% and 27.8% over the past two years. The average growth rate was 0.7 and 1.9 percentage points higher than that of industries above designated size, respectively. At the end of June, the turnover days of inventory of private industrial finished products and the average collection period of accounts receivable were 21.6 days and 45.4 days, respectively, a year-on-year decrease of 4.0 days and 8.4 days, respectively.

Shandong Provincial Bureau of Statistics, National Bureau of Statistics, Shandong Survey Team