China GDP rises in Q1
GDP grew by 5.4 per cent year-on-year.
China.- The National Bureau of Statistics of China has reported that the country’s gross domestic product (GDP) rose by 5.4 per cent in year-on-year terms in the first quarter of the year, exceeding the forecast of 5.1 per cent. In quarter-on-quarter terms, GDP was up by 1.2 per cent.
The bureau’s data showed industrial output increased at its fastest rate since June 2021. Retail sales saw their biggest rise in over a year. Fixed asset investment slightly exceeded expectations.
The value added of mining increased by 6.2 per cent year-on-year, that of manufacturing by 7.1 per cent, and that of production and supply of electricity, heat power, gas and water by 1.9 per cent. The value added of equipment manufacturing increased by 10.9 per cent year-on-year, 3.2 percentage points faster than in 2024. The value added of high-tech manufacturing increased by 9.7 per cent, 0.8 percentage points faster.
In terms of products, the production of new energy vehicles, 3D printing devices and industrial robots grew by 45.4 per cent, 44.9 per cent and 26 per cent in year-on-year terms, respectively. The services sector was up 5.3 per cent year-on-year, 0.3 percentage points faster than in 2024.
Exports grew the most since October ahead of expected tariffs. A decrease in imports narrowed the trade gap. The total value of imports and exports of goods was CNY10.3bn, an increase of 1.3 per cent year-on-year. The total value of exports was CNY6.1bn, up by 6.9 per cent. The total value of imports was CNY4.1bn, down by 6.0 per cent.
The bureau said: “Generally speaking, in the first quarter, with the sustained effects of the macro policies, the national economy got off to a good and steady start and maintained the recovery momentum with innovation playing an increasingly leading role and the cultivation and development of new drivers accelerated. However, we should be aware that the external environment is becoming more complex and severe, the drive for the growth of effective domestic demand is insufficient, and the foundation for sustained economic recovery and growth is yet to be consolidated.
“We must implement more proactive and effective macro policies, expand and strengthen the domestic economy, fully stimulate the vitality of market entities of all types, and actively respond to the uncertainties of the external environment, so as to promote steady economic progress while ensuring sound and sustained growth.”
