National Bureau of Statistics of China

China's Economy Grows 5% in 2024 as Q4 GDP Accelerates to 5.4%

Jan 17, 2025, 02:06 AM

China's economy expanded by 5% in 2024, meeting the government's annual growth target of "around 5%", as reported by the National Bureau of Statistics on Friday. However, this growth rate is among the country's slowest in decades, highlighting ongoing economic challenges. The fourth quarter saw GDP increase by 5.4% year-on-year, up from 4.6% in Q3, marking the strongest quarterly performance of the year, bolstered by recent stimulus measures, strong exports, and increased industrial output. Industrial production rose 5.8% year-on-year in 2024, with December's output increasing by 6.2%, exceeding expectations. Retail sales grew 3.5% year-on-year in 2024, with December sales up 3.7%, surpassing forecasts. Fixed-asset investment expanded by 3.2% in 2024, slightly below expectations. The unemployment rate edged up to 5.1% in December, marginally higher than projected. China's GDP totaled 134.91 trillion yuan ($18.42 trillion) in 2024. The latest data suggest that government stimulus efforts have started to take effect, helping the world's second-largest economy to rebound.