China's GDP climbs 4.5% YoY in Q1 2023: NBS

19 Apr '23

2 min read

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Insights

China's GDP grew 4.5 per cent YoY in Q1 2023, reaching 28,499.7 billion yuan, with the value added of primary, secondary, and tertiary industries growing by 3.7 per cent, 3.3 per cent, and 5.4 per cent, respectively.
Retail sales rose 5.8 per cent YoY, while online retail sales grew 8.6 per cent.
Total imports and exports of goods increased 4.8 per cent YoY.

China's gross domestic product (GDP) rose by 4.5 per cent year-on-year (YoY) in the first quarter (Q1) of 2023, according to preliminary estimates by the National Bureau of Statistics (NBS). The GDP reached 28,499.7 billion yuan (approximately $4,415 billion), up by 2.2 per cent from the previous quarter. The value added of the primary sector surged by 3.7 per cent, while the secondary industry increased by 3.3 per cent, and the tertiary industry was up by 5.4 per cent.

The country’s total value added of industrial enterprises above the designated size rose by 3 per cent YoY in Q1 2023, with the value added of manufacturing grew by 2.9 per cent. In March 2023, the manufacturing purchasing managers’ index was at 51.9 per cent. Furthermore, the production and operation expectation index was 55.5 per cent.

The total value of imports and exports of goods increased by 4.8 per cent YoY to reach 9,887.7 billion yuan in Q1 2023, with exports up by 8.4 per cent and imports up by 0.2 per cent, as per NBS.

However, the first quarter saw a 22.9 per cent YoY decrease in total profits made by industrial enterprises above the designated size, and the consumer price index (CPI) rose by 1.3 per cent YoY. Furthermore, prices for clothing increased by 0.7 per cent YoY.

Producer prices for industrial products went down by 1.6 per cent YoY, with purchasing prices for industrial producers also decreasing by 0.8 per cent YoY.

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