The Chinese economy advanced 5.3% yoy in Q1 of 2024, exceeding market forecasts of 5.0% and following a 5.2% growth in the prior period. It was the steepest yearly expansion since Q2 of 2023, lifted by continued support measures from Beijing and spending related to the Lunar New Year festival. During the first three months of 2024, fixed investment grew by 4.5%, the most in nearly a year and above the consensus of 4.3%. Meanwhile, the statistics agency said the economy had made a good start, delivering a strong foundation for achieving the GDP growth target of around 5% this year. However, March data showed that industrial output and retail sales rose less than estimated, underscoring that more policy easing remains necessary for the economy. At the same time, the surveyed jobless rate came at 5.2% in March, staying near February's 7-month high of 5.3%. Tuesday's release did not include China's youth unemployment rate, which hit a record high of 21.3% in June 2023. source: National Bureau of Statistics of China

The Gross Domestic Product (GDP) in China expanded 5.30 percent in the first quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in China averaged 8.86 percent from 1989 until 2024, reaching an all time high of 18.70 percent in the first quarter of 2021 and a record low of -6.90 percent in the first quarter of 2020. This page provides - China GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. China GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2024.

The Gross Domestic Product (GDP) in China expanded 5.30 percent in the first quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in China is expected to be 4.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China GDP Annual Growth Rate is projected to trend around 4.10 percent in 2025, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-01-17 02:00 AM
GDP Growth Rate YoY
Q4 5.2% 4.9% 5.3% 5.3%
2024-04-16 02:00 AM
GDP Growth Rate YoY
Q1 5.3% 5.2% 5% 5.0%
2024-07-15 02:00 AM
GDP Growth Rate YoY
Q2 5.3% 4.9%


Related Last Previous Unit Reference
Full Year GDP Growth 5.20 3.00 percent Dec 2023
GDP Growth Rate YoY 5.30 5.20 percent Mar 2024
GDP Constant Prices 1191037.30 859053.30 CNY Hundred Million Dec 2023
GDP from Agriculture 89755.20 56330.10 CNY Hundred Million Dec 2023
GDP from Construction 85691.10 58706.10 CNY Hundred Million Dec 2023
GDP from Manufacturing 399103.10 291714.90 CNY Hundred Million Dec 2023
GDP from Services 688238.40 507476.20 CNY Hundred Million Dec 2023
GDP from Transport 57819.80 43123.90 CNY Hundred Million Dec 2023
GDP Growth Rate 1.60 1.00 percent Mar 2024
Gross Fixed Capital Formation 504835.00 478901.20 CNY Hundred Million Dec 2022
Gross National Product 1251297.00 1197250.40 CNY Hundred Million Dec 2023

China GDP Annual Growth Rate
In China, Gross Domestic Product is divided by three sectors: Primary, Secondary and Tertiary. The Primary Industry includes Farming, Forestry, Animal Husbandry, and Fishery and accounts for around 9 percent of GDP. The Secondary sector, which includes Industry (40 percent of GDP) and Construction (9 percent of GDP) is the most important. The Tertiary sector accounts for the remaining 44 percent of total output and consist of Wholesale and Retail Trades; Transport, Storage, and Post; Financial Intermediation; Real Estate; Hotel and Catering Services and Others.
Actual Previous Highest Lowest Dates Unit Frequency
5.30 5.20 18.70 -6.90 1989 - 2024 percent Quarterly

News Stream
China Q1 GDP Growth Beats Estimates
The Chinese economy advanced 5.3% yoy in Q1 of 2024, exceeding market forecasts of 5.0% and following a 5.2% growth in the prior period. It was the steepest yearly expansion since Q2 of 2023, lifted by continued support measures from Beijing and spending related to the Lunar New Year festival. During the first three months of 2024, fixed investment grew by 4.5%, the most in nearly a year and above the consensus of 4.3%. Meanwhile, the statistics agency said the economy had made a good start, delivering a strong foundation for achieving the GDP growth target of around 5% this year. However, March data showed that industrial output and retail sales rose less than estimated, underscoring that more policy easing remains necessary for the economy. At the same time, the surveyed jobless rate came at 5.2% in March, staying near February's 7-month high of 5.3%. Tuesday's release did not include China's youth unemployment rate, which hit a record high of 21.3% in June 2023.
2024-04-16
China Q4 GDP Growth Below Estimates
The Chinese economy expanded 5.2% yoy in Q4 of 2023, faster than a 4.9% growth in Q3 but less than market forecasts of 5.3%. Activity data for December showed that industrial production rose the most in almost two years, but retail sales increased the least in three months and the surveyed jobless rate edged up to a four-month high. For the full year, the economy also grew by 5.2%, exceeding the official target of around 5.0% and picking up from a 3.0% rise in 2022 amid various support measures from Beijing and a low base comparison from the prior year. Excluding the pandemic years through 2022, the 2023 GDP growth is the slowest pace of annual rise since 1990, underscoring the impact of a prolonged property crisis, persistently weak consumption, and global turmoil. For 2024, Beijing is set to announce the GDP growth target at an annual parliamentary meeting in early March.
2024-01-17
China Q3 GDP Growth Above Estimates
The Chinese economy expanded by 4.9% yoy in Q3 2023, beating market forecasts of 4.4% and offering hopes that it will meet the official annual target of around 5% this year, as sustained stimulus from Beijing offset the impact of a prolonged property crisis and weak trade. The country's GDP in Q2 grew 6.3%, amid a low base of comparison from last year when Shanghai and other major cities were under strict lockdowns. In September alone, retail sales rose the most in 4 months, up for the 9th consecutive month; and industrial output growth stayed at its highest level since April. Meantime, the surveyed jobless rate fell to a 22-month ow of 5%, while fixed investment continued to grow in the first 9 months of 2023. Data released earlier showed exports fell at a slower pace, partly because of a peak shipping season for Christmas products. Considering the first 9 months of the year, the economy advanced 5.2%. Last year, the GDP added 3%, missing official goal of about 5.5%.
2023-10-18