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China’s economy grows by 5.3% year-on-year in 1Q24, exceeding forecasts

Pierce Chan by Pierce Chan
Tue 16 Apr 2024 at 15:24
China’s economy grows by 5.3% year-on-year in 1Q24, exceeding forecasts
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The National Bureau of Statistics (NBS) announced that mainland China’s economy grew by 5.3% year-on-year in the first quarter of 2024, beating the forecast of 4.8% and up 1.6 percentage points quarter-on-quarter. The country’s gross domestic product (GDP) was about RMB29.6 trillion (US$4.09 trillion).

The “troika” – China’s economic indicator of consumption, export and investment – also rose in the first quarter, but the scale of the industrial sector and total consumption were weaker than expected at 6.1% versus the expected 6.6%.

Total retail sales of consumer goods increased by about RMB12 trillion (US$1.66 trillion), up 4.7% year-on-year and also weaker than the expected 5.4%, while investment in fixed assets increased by RMB10 trillion (US$1.38 trillion) or 4.5% year-on-year, which was higher than the expected 4%.

By sector, the service sector grew by 5% in the first quarter, with transport, storage and postal services up by 7.3% and tourism, accommodation and food and beverage services by 7.3%.

Per capita, average disposable income for the first quarter was RMB11,539 (US$1,595), up 6.2% year-on-year after discounting the effect of price factors.

By region, per capita disposable income for urban residents was RMB15,150 (US$2,090), an increase of 5.3% in real terms, while per capita disposable income for rural residents was RMB6,596 (US$911), an increase of 7.7%.

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Pierce Chan

Pierce Chan

With more than five years’ experience working as a journalist in Macau, Pierce is an experienced media operator with strong skills in news writing and editing. He previously worked with Exmoo, first as a reporter covering government, gaming and tourism-related stories, then as a Deputy Assignment Editor helping set the agenda of the day. Pierce is a graduate of the University of Macau.

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