China GDP Expands Annualized 5.3% In Q1

(RTTNews) - China's gross domestic product gained 5.3 percent on year in the first quarter of 2024, the National Bureau of Statistics said on Tuesday - exceeding expectations for an increase of 4.8 percent and up from 5.2 percent in the previous three months.

On a seasonally adjusted quarterly basis, GDP was up 1.6 percent - accelerating from 1.0 percent in the three months prior.

The bureau also said that industrial production rose 4.5 percent on year in March, shy of forecasts for a gain of 5.4 percent and down from 7.0 percent in February.

Retail sales were up 3.1 percent in March, missing expectations for 5.1 percent and down from 5.5 percent in the previous month.

Fixed asset investment improved an annual 4.5 percent in March, surpassing expectations for 4.0 percent and up from 4.2 percent a month earlier.

House prices slipped 2.2 percent on year in March after sinking 1.4 percent in February.

The jobless rate came in at 5.2 percent, in line with expectations and down from 5.3 percent in the previous month.