China's GDP expands 4.8% YoY in Jan-Sept 2024

18 Oct '24

1 min read

China's GDP expands 4.8% YoY in Jan-Sept 2024

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China's GDP grew by 4.8 per cent YoY in the first three quarters this year to around 94.97 trillion yuan (about $13.33 trillion), according to official data.
In the third quarter, the economy expanded by 4.6 per cent YoY and by 0.9 per cent quarter on quarter.
Industrial output rose by 5.8 per cent YoY and retail sales of consumer goods were up by 3.3 per cent YoY during the period.

China's gross domestic product (GDP) grew by 4.8 per cent year on year (YoY) in the first three quarters this year to around 94.97 trillion yuan (about $13.33 trillion), according to data from the National Bureau of Statistics (NBS).

In the third quarter, the economy expanded by 4.6 per cent YoY and by 0.9 per cent quarter on quarter (QoQ), NBS data showed.

Industrial output rose by 5.8 per cent YoY and retail sales of consumer goods were up by 3.3 per cent YoY during the period. Fixed-asset investment rose by 3.4 per cent during the period, a state-controlled news outlet reported.

"Positive factors driving a steady economic recovery accumulated and increased in September," NBS deputy head Sheng Laiyun said, stressing that most indicators on production and demand improved and market expectations also became better.

The urban unemployment rate on an average stood at 5.1 per cent during the nine-month period, down from 5.3 per cent a year ago. The nominal growth of urban and rural residents' incomes came in at 5.2 per cent.

The external environment has turned more complex, and economic recovery needs to be further consolidated, Sheng added.

Fibre2Fashion News Desk (DS)

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