China 2024 GDP Growth Meets Official Target

2025-01-17 02:08 By Farida Husna 1 min. read

The Chinese economy expanded by 5.4% yoy in Q4 2024, accelerating from 4.6% in Q3 and surpassing market estimates of 5.0%.

It was the strongest annual growth rate in 1-1/2 years, boosted by a series of stimulus measures launched since September to boost recovery and regain confidence.

In December, industrial output growth quickened to an 8-month high, while retail sales emerged from a 3-month low.

However, the jobless rate hit a 3-month top.

On the trade front, exports logged a double-digit rise in December, marking the ninth straight monthly gain and reaching the largest amount in 3 years, as firms rushed to complete shipments ahead of potential tariff hikes under the US Trump administration.

Imports saw an unexpected rise to notch their highest value in 27 months.

For the full year, the GDP grew by 5.0%, aligning with Beijing's 2024 target of around 5% but falling short of a 5.2% rise in 2023.

Last year, fixed investment rose by 3.2% yoy, faster than the 2023 pace of 3.0%.



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