Key facts
- China's GDP grew 5.3% year-on-year in Q1 2024.
- Industrial production increased by 6.0% in March.
- Retail sales grew by 4.7% in March.
China Q1 GDP grows 5.3%, industrial output up 6.0%
IN SHORT
China's economy expanded by 5.3% year-on-year in Q1 2024, surpassing expectations. Industrial production rose 6.0% in March, while retail sales increased 4.7% and fixed asset investment grew 4.5% in the quarter. The property sector continues to face significant headwinds.
Key Numbers
5.3%Q1 GDP growth year-on-year
6.0%March industrial production growth
4.7%March retail sales growth
4.5%Q1 fixed asset investment growth
1.0%March unemployment rate
Who's Involved
National Bureau of Statistics of China
Released the Q1 GDP data
People's Bank of China
Monitors economic conditions and sets monetary policy
↳ Why This Matters
China's economic performance is closely watched globally as the world's second-largest economy. The Q1 data provides insight into the effectiveness of recent stimulus measures and the resilience of its industrial sector amidst global economic uncertainties and domestic property market challenges.