China's first quarter GDP growth beats expectations with 5.3% year-on-year jump

Beats expectations

China’s economy expanded in the opening quarter of 2024, with gross domestic product rising by 5.3% on a year-on-year basis.

The figure for the first quarter of the year, reported by the National Bureau of Statistics today (16 April), surpassed the expectations of Reuters analysts, who had predicted a growth rate of 4.6%. On a quarterly basis, GDP grew by 1.6%. Overall, China's GDP stood at CN¥29.63trn ($4.17trn) at the end of the period. Compared to the same period in 2023, China's industrial output was up 6.1%, with retail sales climbing 4.7%, according to the NBS. Fitch Ratings downgrades China's credit to 'Negative' as deficits 'erode fiscal buffers' Chinese residents' nominal disposable income wa...