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Chinese economy grew by 5% in 2023 amidst notable recovery disparities

Chinese economy grew by 5% in 2023 amidst notable recovery disparities

Posted on January 22, 2024   |  

China's economy experienced accelerated growth in the October-December quarter, achieving the government's 5% annual growth target for 2023.

The overall economic growth for 2023 reached 5.2%, surpassing the government's target of around 5%.

The growth in 2023 was influenced by the lower GDP of 3% in 2022, driven by the economic slowdown during the COVID-19 pandemic and nationwide lockdowns.

In Q4, China's gross domestic product expanded by 5.2% compared to the same period the previous year, with a quarterly growth of 1%, slightly slower than the 1.3% expansion in July-September.

Industrial output, measuring activity in manufacturing, mining, and utilities, increased by 4.6% in 2023 compared to the previous year, while retail sales of consumer goods grew by 7.2%.

Fixed-asset investment spending on factory equipment, construction, and infrastructure projects to drive growth recorded a 3% year-on-year increase in 2023.



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