China Q1 GDP Growth Beats Estimates

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.