The Chinese economy grew by a seasonally adjusted 1.6% in Q1 of 2024, quickening from an upwardly revised 1.2% increase in the previous quarter. It was the seventh consecutive period of quarterly expansion and the strongest advance since Q1 of 2023, mainly reflecting the Spring festival effects. Additionally, the country's statistics agency noted that the industry had performed better than expectations, as highlighted by recent data on official PMIs. It added that recovery in the economy will continue as Beijing intends to strengthen the implementation of macro policies and pursue high-quality development. On the monetary front, the People's Bank of China (PBoC) has pledged to ramp up policy support this year, with many analysts forecasting further cuts in banks' RRR and interest rates. The central bank also might include the buying and selling of treasury bonds in its policy tool reserve in the future. source: National Bureau of Statistics of China

The Gross Domestic Product (GDP) in China expanded 1.60 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in China averaged 1.60 percent from 2010 until 2024, reaching an all time high of 11.50 percent in the second quarter of 2020 and a record low of -10.40 percent in the first quarter of 2020. This page provides - China GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. China GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2024.

The Gross Domestic Product (GDP) in China expanded 1.60 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in China is expected to be 0.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China GDP Growth Rate is projected to trend around 1.00 percent in 2025 and 1.20 percent in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-01-17 02:00 AM
GDP Growth Rate QoQ
Q4 1% 1.5% 1% 1.1%
2024-04-16 02:00 AM
GDP Growth Rate QoQ
Q1 1.6% 1.2% 0.9%
2024-07-15 02:00 AM
GDP Growth Rate QoQ
Q2 1.6% 0.8%


Related Last Previous Unit Reference
Full Year GDP Growth 5.20 3.00 percent Dec 2023
GDP Growth Rate YoY 5.30 5.20 percent Mar 2024
GDP Constant Prices 1191037.30 859053.30 CNY Hundred Million Dec 2023
GDP from Agriculture 89755.20 56330.10 CNY Hundred Million Dec 2023
GDP from Construction 85691.10 58706.10 CNY Hundred Million Dec 2023
GDP from Manufacturing 399103.10 291714.90 CNY Hundred Million Dec 2023
GDP from Services 688238.40 507476.20 CNY Hundred Million Dec 2023
GDP from Transport 57819.80 43123.90 CNY Hundred Million Dec 2023
GDP Growth Rate 1.60 1.00 percent Mar 2024
Gross Fixed Capital Formation 504835.00 478901.20 CNY Hundred Million Dec 2022
Gross National Product 1251297.00 1197250.40 CNY Hundred Million Dec 2023

China GDP Growth Rate
In China, the growth rate in GDP measures the change in the seasonally adjusted value of the goods and services produced by the Chinese economy during the quarter. As China’s traditional growth engines of manufacturing and construction are slowing down, services have emerged as the new driver. In the last few quarters strength in services and consumption helped to offset weaker manufacturing and exports. .
Actual Previous Highest Lowest Dates Unit Frequency
1.60 1.00 11.50 -10.40 2010 - 2024 percent Quarterly
SA

News Stream
China Economy Expands 1.6% QoQ in Q1
The Chinese economy grew by a seasonally adjusted 1.6% in Q1 of 2024, quickening from an upwardly revised 1.2% increase in the previous quarter. It was the seventh consecutive period of quarterly expansion and the strongest advance since Q1 of 2023, mainly reflecting the Spring festival effects. Additionally, the country's statistics agency noted that the industry had performed better than expectations, as highlighted by recent data on official PMIs. It added that recovery in the economy will continue as Beijing intends to strengthen the implementation of macro policies and pursue high-quality development. On the monetary front, the People's Bank of China (PBoC) has pledged to ramp up policy support this year, with many analysts forecasting further cuts in banks' RRR and interest rates. The central bank also might include the buying and selling of treasury bonds in its policy tool reserve in the future.
2024-04-16
Chinese Economy Expands 1.0% QoQ in Q4
The Chinese economy grew by a seasonally adjusted 1.0% in Q4 of 2023, matching market expectations but moderating from an upwardly revised 1.5% increase in Q3. This was the sixth consecutive period of quarterly expansion, with weakness in the property sector continuing to drag on the broader economic recovery. At the same time, the government seemed reluctant to deliver a major stimulus package due to attempts to control mounting government debts. Beijing in October outlined a massive CNY 1 trillion bond issuance to spur infrastructure spending. However, any more debt issuances are expected to be limited. Meanwhile, the PBoC has carried out liquidity injections to support the economy, but economists believe it has limited space to loosen monetary conditions further. “We must effectively enhance economic vitality, prevent and mitigate risks, improve social expectations, consolidate and boost the sound momentum of economic recovery and growth," the statistics bureau said in a statement.
2024-01-17
China Economy Expands 1.3% QoQ in Q3
The Chinese economy grew by a seasonally adjusted 1.3 percent in Q3 of 2023, topping market expectations of 1.0 percent and sharply accelerating from a downwardly revised 0.5 percent increase in Q2. This was the fifth consecutive period of quarterly expansion, buoyed by a slew of monetary stimulus measures over the past three months, including interest rate cuts and constant liquidity injections by the country's central bank. Meantime, the property sector remains a drag on the economy, as China’s biggest property developers faced a large-scale default. “The national economy continued to recover, and high-quality development was solidly advanced, laying a solid foundation to attain the annual development goals,” China’s statistics bureau said in a statement. "We must also note that the external environment is becoming more complex and severe, domestic demand is still insufficient, and the foundation for economic recovery still needs to be consolidated.”
2023-10-18