China's GDP Grows 5.3% in Q1

By Billy Jiang, April 16, 2024

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China's economy showed resilience in the first quarter of 2024, with the country's gross domestic product (GDP) reaching RMB29.63 trillion, marking a year-on-year growth of 5.3%. 

This surpasses the economic expectation of 4.6% set during China's annual 'two sessions' earlier this year.

Data released by the National Bureau of Statistics revealed the breakdown across industries: the value added in the primary industry rose by 3.3%, reaching RMB1.15 trillion; the secondary industry saw a growth of 6.0%, reaching RMB10.98 trillion; and the value added in the tertiary industry increased by 5.0%, reaching RMB17.49 trillion.

In terms of specific sectors, agriculture – particularly crop farming – witnessed a growth of 3.8% in value added.

The value added of industrial enterprises grew by 6.1%, with manufacturing increasing by 6.7% and high-tech manufacturing by 7.5%.

Furthermore, China's foreign trade maintained steady growth in the first quarter, with the total value of imports and exports reaching RMB10.17 trillion, a 5.0% increase year-on-year – exports totaled RMB5.74 trillion, growing by 4.9%, while imports amounted to RMB4.43 trillion, up by 5.0%.

While the first quarter GDP growth surpassed expectations, whether this trend will continue throughout the year remains to be seen. 

For more updates on China's development and economic news, follow our WeChat official account, ThatsGBA.

[Cover image via Unsplash]

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