China's gross domestic product (GDP) saw a 5.2 per cent increase in the first three quarters of 2023, reaching 91,302.7 billion yuan, according to preliminary estimates by China's National Bureau of Statistics (NBS).

The growth varies across sectors: the primary industry grew by 4 per cent, reaching 5,637.4 billion yuan; the secondary industry, mainly manufacturing, saw a 4.4 per cent rise to 35,365.9 billion yuan; and the tertiary industry led the growth with a 6.0 per cent increase, reaching 50,299.3 billion yuan.

The GDP growth has seen fluctuations throughout the year: it grew by 4.5 per cent in the first quarter, then accelerated to 6.3 per cent in the second quarter, and finally slowed down to 4.9 per cent in the third quarter. On a quarter-to-quarter basis, the GDP for Q3 increased by 1.3 per cent, as per NBS.

China's value-added industrial output went up by 4 per cent YoY in the first three quarters. Manufacturing saw a 4.4 per cent increase. Profits in industrial enterprises declined by 11.7 per cent YoY, although the decline narrowed by 5.1 percentage points compared to the first half of the year. In terms of monthly changes, the value-added output in September grew by 4.5 per cent YoY, indicating a month-on-month growth of 0.36 per cent.

The total retail sales of consumer goods reached 34,210.7 billion yuan, with a YoY increase of 6.8 per cent. Urban areas contributed 29,641.0 billion yuan, growing by 6.7 per cent, while rural areas saw a 7.4 per cent increase to 4,569.7 billion yuan. The sales of goods for basic living saw steady growth, with the retail sales of clothes, shoes, hats and textiles by business above the designated size up by 10.6 percent respectively. Online retail sales also soared, reaching 10,819.8 billion yuan, up by 11.6 per cent YoY.

Imports and exports of goods totalled 30,802.1 billion yuan, down by 0.2 per cent. While exports slightly increased by 0.6 per cent, imports declined by 1.2 per cent.

Furthermore, China’s consumer price index (CPI) grew by 0.4 per cent, and producer prices for industrial products dropped by 3.1 per cent.

Fibre2Fashion News Desk (DP)

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