Posted on 16 Jul 2024
China's gross domestic product (GDP) totalled Yuan 61.7 billion ($8.5 billion) during the first half of this year, rising by 5% from the same period last year, according to the latest release of the country's National Bureau of Statistics (NBS) on Monday morning.
For the April-June quarter alone, domestic GDP climbed by 4.7% on year, with the growth rate being slower than the 5.3% recorded during the January-March quarter, the NBS data showed.
"Against the backdrop of the effective implementation of various macroeconomic policies, domestic production has grown steadily, demand has continued to recover, and progress has been made in high quality development," NBS noted.
Of the three pillars supporting China's economy, the tertiary sector remained the largest contributor to the country's GDP in H1, registering an on-year increase of 4.6% to reach Yuan 35 trillion, NBS data showed.
The value-added output in the country's information, commerce, transportation, warehousing, and accommodation segments all posted marked increases in the first six months of this year, according to NBS.
During the same period, the production value of the domestic agriculture sector gained 3.5% on year to Yuan 3.1 trillion, and that of the industrial sector rose by 5.8% on year to Yuan 23.7 trillion.
The manufacturing industry posted an on-year rise of 6.5% and provided major support for the industrial sector's contribution to GDP, according to NBS. Specifically, the output of equipment manufacturing and high-tech manufacturing rose rapidly by 7.8% and 8.7% respectively on year, the statistics showed.
China's investment in high-tech manufacturing also increased by a significant 10.1% on year in H1, and that in the industrial sector overall increased by 12.6%, according to the data.
With the domestic economy growing steadily, China's job market continued to improve, the NBS noted. The unemployment rate in townships was 5.1% for the first half of this year, lower by 0.2 percentage points on year, while per capita disposable income expanded by 5.4% on year to Yuan 20,733 in H1, the statistics showed.
Source:Mysteel Global
