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.