Posted on 17 Apr 2024
China's gross domestic product (GDP) increased by 5.3% on year to reach Yuan 29.6 billion ($4.2 trillion) during the January-March quarter of this year, and it gained 1.6% compared with the fourth quarter last year, according to the new data from the National Bureau of Statistics (NBS) released on April 16.
"The steady growth in domestic demand and stable consumer goods prices reflected the increasing market confidence in China," NBS pointed out. "New achievements have been made in high-quality development, and the national economy has gained continuous positive momentum, marking a good start for this year," it said.
Among the three pillars in China's economy, it was still the tertiary sector that contributed the most to the total GDP with Yuan 17.5 trillion in Q1, up by 5% on year, NBS data showed. During the same period, the output value of the agriculture sector rose by 3.3% on year to reach Yuan 1.2 trillion, and that of the industry sector went up 6% on year to Yuan 11 trillion.
The tertiary sector saw value-added output in both information services and commercial services log double-digit growth in the first quarter, with the former's output rising 13.7% on year and the latter's increasing 10.8%, according to NBS data.
Within the industry sector, the high-tech manufacturing industry registered an impressive growth of 7.5% on year in output, faster than the 4.9% recorded in Q4 last year. Meanwhile, the output from the mining industry gained 1.6% on year.
During Q1, China's total investment in the industry sector rose by a marked 13.4% on year to reach Yuan 3.3 trillion, with that in the high-tech manufacturing industry rising 10.8% on year, NBS data showed.
As the domestic economy recovered steadily, China's unemployment rate in townships dropped by 0.3 percentage point on year to 5.2% in the first quarter, while the per capita disposable income among residents nationwide went up 6.2% on year to reach Yuan 11,539 in the three months.
Source:Mysteel Global
