On July 15, the National Bureau of Statistics released data revealing that China's Gross Domestic Product (GDP) reached RMB61.68 trillion in the first half of 2024, marking a 5% year-on-year increase at constant prices.
The breakdown by sectors shows varying growth rates:
Primary industry increased by 3.5% to RMB3.07 trillion
Secondary industry grew by 5.8% to RMB23.65 trillion
Tertiary industry expanded by 4.6% to RMB34.96 trillion.
Quarterly analysis reveals a slight moderation in growth momentum: GDP grew by 5.3% year-on-year in Q1 and by 4.7% in Q2.
Despite overall stability, certain sectors faced notable declines.
Notably, real estate investment plummeted by 10.1%, with nationwide sales areas of new residential properties dropping by 19%.
Similarly, the sales value of new residential properties fell by 25%.
The data underscores China's efforts to maintain economic stability amid challenges in specific sectors.
Value-added industrial output, a critical economic gauge, rose by 6% year-on-year, reflecting resilience despite sectoral disparities.
According to China Daily, retail sales also increased by 3.7% year-on-year in the first half of 2024, signaling ongoing consumer spending despite economic headwinds.
The performance in the first half of 2024 suggests a mixed economic landscape for China, balancing growth achievements with targeted sectoral adjustments.
READ MORE: More Than Half of China's Leading Companies Downsized in 2023
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[Cover image via Unsplash]
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