China's GDP Grows 5% in 2024; Fourth-Quarter Growth Surpasses Estimates Amid Stimulus

Jan 17, 2025, 02:47 PM

China's economy grew by 5% in 2024, meeting the government's target and market expectations, boosted by stimulus measures, according to data released by the National Bureau of Statistics. The fourth-quarter GDP growth accelerated to 5.4% year-on-year, surpassing forecasts of 5% and the previous quarter's 4.6%. Seasonally adjusted quarter-on-quarter GDP rose by 1.6%. Industrial output increased by 6.2% in December, beating estimates of 5.4%, while retail sales rose by 3.7% year-on-year in December. Fixed-asset investment expanded by 3.2%, and import and export of goods surged by 5.0%. The unemployment rate in December was reported at 5.1%. Despite the strong fourth-quarter performance, the annual growth rate was one of the lowest in decades, highlighting ongoing challenges such as consumer frugality and a property crisis.