National Bureau of Statistics of China

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

Jan 17, 2025, 03:00 AM

China's economy grew by 5% in 2024, meeting the government's annual target of 'around 5%' and indicating a moderate expansion as the country navigated challenges. The National Bureau of Statistics reported that the gross domestic product totaled 134.9084 trillion yuan (about $18.42 trillion). Growth accelerated in the fourth quarter to 5.4% year-on-year, up from 4.6% in the previous quarter, fueled by strong exports and stimulus measures. Retail sales of consumer goods climbed 3.5% over the year, while fixed-asset investment increased by 3.2%. However, the jobless rate rose to 5.1%, and the 5% annual growth represents one of the slowest expansions in decades, reflecting ongoing concerns about weak domestic demand and potential trade tensions with the United States.