Macroeconomic indicators performed better. The economic aggregate has grown rapidly, with gross domestic product (GDP) growing by 5.2% year-on-year in the first three quarters, and the growth rate remains the leader among the world's major economies. Price levels are basically stable, with consumer prices (CPI) rising by 0.4% year-on-year in the first 10 months, in sharp contrast to the high inflation in major economies. The employment situation has generally improved. The national urban surveyed unemployment rate in October was 5%, down 0.6 percentage points from the high in February. The balance of international payments remains basically balanced.
Production and supply have picked up steadily. The agricultural production situation is good, and another bumper harvest of grain is expected throughout the year. Industrial production has accelerated, and the value added of industries above designated size in the first 10 months increased by 4.1% year-on-year. The service industry is growing well, with the service industry production index increasing by 7.9%. In the first three quarters, the service industry's contribution to economic growth reached 63%.
Market demand recovered quickly. Consumption hot spots have increased significantly. The total retail sales of consumer goods in the first 10 months increased by 6.9% year-on-year. In the first three quarters, the contribution rate of final consumer spending to economic growth reached 83.2%. The investment structure continues to be optimized. In the first 10 months, manufacturing investment increased by 6.2%, of which high-tech manufacturing investment increased by 11.3%.
Quality and efficiency continue to improve. New kinetic energy has accelerated its growth. In the first 10 months, the output of solar cells and new energy vehicles increased by 63.7% and 26.7% respectively. The profits of industrial enterprises continued to recover. In the third quarter, the profits of industrial enterprises above designated size turned from decline to increase for the first time after declining year-on-year for five consecutive quarters. The growth of residents' income accelerated.
