In 2024, the Chinese economy increased by 5%, which corresponds to the purpose of annual growth established by the Government, the State Statistical Administration (GSU) reports.
According to data, the gross domestic product (GDP) for the period from January to December increased by 5% compared to the previous year.
The Chinese economy previously demonstrated 2.2% growth in 2020, 8.4% in 2021, 3% in 2022 and 5.2% in 2023.
Despite the weak internal demand, deflation trends, debt problems of local authorities and a decline in the real estate sector, the country managed to achieve the planned indicators.
In the fourth quarter of 2024, the economy increased by 5.4%. In the first quarter, this figure was 5.3%, in the second – 4.7%, and in the third – 4.6%.
Among the key growth factors: an increase in industrial production by 5.8%, growth in retail sales by 3.5%and an increase in capital investments by 3.2%.
The unemployment rate has decreased to 5.1%, and the disposable income per capita increased by 5.3% compared to the previous year.