China's 2024 GDP Grows 5%, Q4 at 5.4% with Strong Industrial and Retail Gains

Jan 17, 2025, 02:03 AM

China's economy grew by 5% year-on-year in 2024, meeting the government's target of 'around 5%'. The National Bureau of Statistics (NBS) reported that the GDP for the year reached 134.9084 trillion yuan, equivalent to about $18.42 trillion. In the fourth quarter, GDP growth accelerated to 5.4% year-on-year, surpassing the expected 5.1% and up from 4.6% in the third quarter. December saw industrial output rise by 6.2% year-on-year, exceeding the estimated 5.4%, while retail sales increased by 3.7%, slightly above the forecast of 3.5%. Fixed asset investment for the full year grew by 3.2%, falling short of the estimated 3.3%. The unemployment rate in December stood at 5.1%, higher than the anticipated 5.0%. These figures indicate a mixed economic performance, with some sectors outperforming expectations while others fell slightly short.