China’s GDP grew 4.5% on year in Q1, production and consumption picked up in Mar
DATA MACRO
China’s GDP grew 4.5% on year in Q1, production and consumption picked up in Mar
DATA MACRO

China’s GDP grew 4.5% on year in Q1, production and consumption picked up in Mar

 

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China’s GDP grew by 4.5% in the first quarter from a year earlier to 28.5 trillion yuan, according to data released by the National Bureau of Statistics (NBS) on Tuesday, compared to 4.0% growth expected by analysts in a Bloomberg survey and accelerating from the 2.9% growth in the fourth quarter of 2022.

The country’s economic indicators picked up in March, with retail sales growing by 10.6% from a year earlier, according to NBS data, compared to expected 7.4% growth and the 3.5% growth for the period of January – February.

Industrial output grew by 3.9% in March from a year ago, compared to expected 4% growth and the 2.4% growth for the first two months of the year, showed the data.

Fixed asset investment grew by 5.1% in Jan – Mar from a year earlier, according to data released by the National Bureau of Statistics, compared to expected 5.3% growth and the 5.5% growth for the period of Jan – Feb.

In breakdown, investment in the manufacturing sector grew by 7%, with high-tech manufacturing investment jumping by 15.2%; infrastructure investment rising by 8.8%; and investment in social fields rising by 8.3%, showed the data.

Notably, private investment in real estate development slid 13.8% year over year in the first quarter, driving down the growth of private investment by 5 percentage points