Posted on 21 Oct 2024
China's gross domestic product (GDP) totalled Yuan 95 trillion ($13.3 trillion) during the first nine months of this year, growing by 4.8% from the same period last year, according to the latest release of the country's National Bureau of Statistics (NBS) on Friday morning.
For the July-September quarter alone, the country's GDP increased by 4.6% on year, with the growth being slightly slower than the 4.7% recorded during the first half of the year, the NBS data showed.
Despite the slower growth, "most indicators for production and demand in the country recovered in September, implying that the market expectations are improving, and the positive factors driving economic recovery is increasing," NBS noted.
Among the three pillars supporting China's economy, the tertiary sector was still the dominant contributor to total GDP in the first three quarters, with its growth rising by 4.7% on year to reach Yuan 53.1 trillion, according to the NBS data.
The firm gains in value-added output in the information technology, commercial service, logistics and warehousing, accommodation and carting, and retail sectors provided strong support to the tertiary GDP, the statistics showed.
Also during January-September, the production value of China's agriculture sector increased by 3.4% on year to Yuan 5.8 trillion, while that of the industrial sector grew by 5.4% on year to Yuan 36.1 trillion.
Specifically for the industrial sector, the value-added production of the mining industry climbed 2.9% on year, and that of manufacturing gained 6%, the data showed. By product, the on-year growth of the output of new-energy vehicles, integrated circuits, and 3D printing devices posted remarkable rises of 33.8%, 26%, and 25.4% respectively.
China's investment in the industrial sector went up by 12.3% over the same period, with the amount allocated to high-tech manufacturing rising 9.4%, according to NBS.
During the first three quarters, per capita disposable income expanded by 5.2% on year to reach Yuan 30,941, while the unemployment rate in the country's townships dropped by 0.2 percentage point on year to 5.1%.
Source:Mysteel Global
