China's gross domestic product (GDP) grew by 5.4% year-on-year in the fourth quarter of 2024, as reported by the National Bureau of Statistics on Friday. This growth exceeded expectations of 5.0% and marked an increase from the 4.6% growth observed in the third quarter.
In terms of quarter-on-quarter performance, GDP increased by 1.6%, aligning with predictions and improving from the 1.3% growth noted in the previous three-month period. Overall, for the entirety of 2024, GDP rose by 5.0% following a 4.8% rise in 2023.
The bureau also indicated that industrial production escalated by 6.2% in December, surpassing the anticipated 5.4% and building on the figure from November. Retail sales experienced a 3.7% annual increase, beating forecasts of 3.5% and improving from 3.0% in the prior month.
Fixed asset investment increased by 3.2% year-on-year, slightly below the expected 3.3% which was projected to remain steady. Meanwhile, the unemployment rate was recorded at 5.1% in December, exceeding expectations of 5.0%, which was consistent with November’s figure.
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