Shanghai GDP grows 7.7% in 2013

SHANGHAI - Shanghai's gross domestic product (GDP) grew 7.7 percent year on year to 2.16 trillion yuan ($353.9 billion) in 2013, official figures showed Sunday.

Its GDP grew by 7.8 percent in the first quarter, 7.6 percent in the second, 7.8 percent in the third and 7.6 percent in the fourth, according to data released by the Shanghai Bureau of Statistics.

The added value of the tertiary industry that includes the financial and information technology sectors accounted for 62.2 percent of the city's total GDP in 2013 and was a major contributor to economic growth, said Yan Jun, the bureau's chief economist.

Shanghai's consumer price index (CPI), a main gauge of inflation, grew 2.3 percent in 2013, down 0.5 percentage points from the previous year and 0.3 percentage points lower than the 2013 national average.

The city's GDP reached 1 trillion yuan in 2006, 1.5 trillion yuan in 2009 and 2 trillion yuan in 2012.

Shanghai is China's commercial hub.