BEIJING, May 15 (Xinhua) -- China's satellite navigation and location services industry achieved a total output value of 301.6 billion yuan (about 43.93 billion US dollars) in 2018, up 18.3 percent than the previous year, according to an annual industry report.

The data was published in the White Paper on the Development of China's Satellite Navigation and Location Services Industry (2019), which was released by the GNSS (global navigation satellite system) and LBS (location-based service) Association of China on Wednesday.

The industry's core sectors, which are directly related to the development and application of the satellite navigation technology, include chip, device, algorithm, software, navigation data, terminal equipment and infrastructure. These sectors reported 106.9 billion yuan in output value, accounting for 35.44 percent of the industry's total.

The BeiDou Navigation Satellite System (BDS) contributed 80 percent to the output value generated by the core sectors. The system raked in a total of 194.7 billion yuan with related products and services.