China exceeds expectations with 5.3% GDP growth in Q1

In Qingzhou, Weifang City, Shandong Province of China, an employee is diligently working on the assembly line of intelligent machinery at a workshop. This scene is a testament to China’s rapidly growing economy, as evidenced by the official data released by China’s National Bureau of Statistics on March 31, 2024.

The data revealed that China’s gross domestic product (GDP) in the first quarter of the year grew by 5.3% compared to the same period in the previous year. This growth exceeded the 4.6% forecast by economists polled by Reuters and marked an acceleration from the 5.2% expansion seen in the fourth quarter of 2023.

On a quarter-on-quarter basis, China’s GDP grew by 1.6% in the first quarter, surpassing the 1.4% expected by the Reuters poll. This growth trajectory aligns with Beijing’s target of achieving around 5% growth in 2024.

Last week, Morgan Stanley revised its 2024 real GDP forecast for China to 4.8%, up from its previous projection of 4.2%. Despite weak export and inflation data earlier in the month, the Chinese economy continues to show signs of resilience.

Industrial output for March increased by 4.5% year on year, falling short of the 6% expected growth. Similarly, retail sales saw a 3.1% year-on-year growth, below expectations of 4.6%. However, the unemployment rate in major cities decreased to 5.2%, breaking a three-month streak of increases.

Following the release of this data, the offshore yuan experienced a slight strengthening before retreating from its five-month high against the U.S. dollar. This story is still developing, so stay tuned for updates as more information becomes available.

By Samantha Robertson

As a seasoned content writer at, my passion for storytelling and creativity shines through in every article I craft. With a keen eye for detail and a knack for research, I thrive on translating complex topics into engaging reads that resonate with our diverse audience. My goal is to inform, entertain, and inspire readers through thought-provoking content that leaves a lasting impact. Join me on this exciting journey as we explore the world of news together.

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