Shiyan is the 9th largest economy among the 13 prefectures and prefecture-level cities in Hubei Province. In 2011, its GDP paced up 11% from a year earlier to RMB 85.13 billion.
The city is an industrial base in Hubei. In 2011, value-added output from secondary industry increased by 10.8% to RMB 45.19 billion, comprising 53.1% of the city's economy. Value-added output from the service sector and agricultural sector grew 13.2% and 4.5% to RMB 30.25 billion and RMB 9.69 billion, constituting 35.5% and 11.4% of the city's GDP, respectively.
Value-added industrial output generated by enterprises with designated size or above exceeded RMB 38.65 billion in 2011, rising 10.1% from a year earlier. Heavy and light industrial enterprises realized RMB 36.41 billion and RMB 2.24 billion in value-added industrial output in 2011, making up of 94.2% and 5.8% of the city's total, respectively.
Shiyan is an auto production base in Hubei. The autos and auto parts industry achieved value-added industrial output of nearly RMB 27.31 billion in 2011, comprising 70.66% of the city's total. Shiyan is a production base for large automakers such as Dongfeng Motor, Dongfeng Industrial, Dongfeng Yu An, Double Star (Dongfeng) Tires and Hubei Sitom. Dongfeng sold 2.6 million units of cars in 2010, up 39.98% year on year. In the first half of 2011, the company sold 1.06 billion units of cars, while sales revenue and net profits amounted to RMB 63.71 billion and RMB 5.86 billion, respectively.
Other major industries in Shiyan include pharmaceuticals, textile, metallurgy, electricity production and supply and chemicals. Value-added industrial output of the above pillar industries amounted to RMB 4.18 billion in 2009, composing 16.4% of the city's total. Hubei Wudangshan Bio-Pharmaceuticals and Shiyan Kangdi Pharmaceuticals of Wuhan Jianmin Pharmaceutical Group are the leading pharmaceutical makers in Shiyan.
Tourism is a pillar of the service sector in Shiyan. In 2011, more than 18.64 million foreign and domestic tourists visited the city, which brought tourism revenue of RMB 11.93 billion.
In 2011, the foreign trade value totaled US$285.86 million, comprising export value of US$235.69 million and import value of US$50.17 million. Auto and auto tires are the major export products from Shiyan. The utilized FDI in the city surpassed US$107.25 million, representing a sharp rise of 71% from the previous year.