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China's economy rises 5.3% in Q1 2024
16 Apr '24
1 min read
Pic: Adobe Stock
Insights
- China's GDP increased by 5.3 per cent in the first quarter of 2024, reaching 29.63 trillion yuan (approximately $4.17 trillion), according to the National Bureau of Statistics.
- This growth exceeds last year's 5.2 per cent increase.
- On a quarterly basis, the country's economy rose by 1.6 per cent.
- The 2024 GDP growth target is set at around 5 per cent.
China's economy saw a 5.3 per cent growth in the first quarter (Q1) of 2024, according to the latest data released by the National Bureau of Statistics (NBS) on Tuesday. The total GDP for the quarter reached 29.63 trillion yuan (approximately $4.17 trillion).
This performance marks an improvement over the previous year, where the GDP grew by 5.2 per cent. On a quarterly basis, the Chinese economy increased by 1.6 per cent in the initial three months of the year.
Looking forward, China has set its GDP growth target at around 5 per cent for the entirety of 2024, as per Chinese media reports.
Fibre2Fashion News Desk (DP)
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