Chinese economy grows 5.3% in first quarter, hits $4T

The Chinese economy expanded by 5.3% in the first quarter of 2024 compared to the same period last year, according to data released Tuesday by the National Bureau of Statistics of China.

Publication: 16.04.2024 - 11:34
Chinese economy grows 5.3% in first quarter, hits $4T
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The country’s gross domestic product (GDP) reached 29.6 trillion yuan ($4 trillion) from January through March. Additionally, the economy saw a quarter-on-quarter increase of 1.6%.

Industrial enterprises contributed significantly, with a 6.1% year-on-year increase in added value during the three-month period. The services sector also showed robust growth, with a 5% rise compared to the first quarter of the previous year.

The total value of imports and exports reached 10.16 trillion yuan ($1.4 trillion), marking a 5% increase year-on-year.

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