China’s GDP grew by 4.8% year-on-year in the first three quarters
On October 18, the National Bureau of Statistics of China released key data regarding the country’s economic performance in the first three quarters of 2024. According to preliminary calculations, China’s Gross Domestic Product (GDP) reached 94.9746 trillion yuan, reflecting a year-on-year growth of 4.8% when adjusted for constant prices.
Breaking it down by industry, the primary sector contributed 5.7733 trillion yuan, marking a 3.4% increase; the secondary sector added 36.1362 trillion yuan, with a growth rate of 5.4%; and the tertiary sector generated 53.0651 trillion yuan, growing by 4.7%. In terms of quarterly performance, the GDP growth was recorded at 5.3% in the first quarter, 4.7% in the second, and 4.6% in the third. On a quarter-on-quarter basis, the GDP increased by 0.9% in the third quarter.
During a press conference held by the State Council Information Office in Beijing, Deputy Director of the National Bureau of Statistics Sheng Laiyun provided insights into the national economic performance and answered journalists’ questions.
Industrial production demonstrated steady growth, particularly in the equipment manufacturing and high-tech sectors. For the first three quarters, the added value of industries above a designated size rose by 5.8% year-over-year, with the equipment manufacturing sector experiencing a growth of 7.5% and high-tech manufacturing surging by 9.1%. Both growth rates outpaced the overall industrial sector by 1.7 and 3.3 percentage points, respectively.
The service sector continued to rebound, with modern services performing particularly well. In the first three quarters, the added value of services grew by 4.7% year-over-year. Key areas such as information transmission, software and IT services, leasing and business services, transportation, storage and postal services, as well as accommodation and catering, reported growth rates of 11.3%, 10.1%, 6.8%, 6.3%, and 5.4%, respectively.
Consumer sales remained robust, particularly in upgraded goods. The total retail sales of consumer goods reached 35.3564 trillion yuan in the first three quarters, growing by 3.3% compared to the previous year. Notable increases were observed in retail sales of communication equipment and sports entertainment products, which grew by 11.9% and 9.7%, respectively.
Fixed asset investment continued to expand, with high-tech industry investments showing rapid growth. The total fixed asset investment (excluding rural households) reached 37.8978 trillion yuan, reflecting a year-on-year growth of 3.4%. Excluding real estate development investments, growth was more pronounced at 7.7%, with investments in high-tech industries rising by 10.0%.
Employment conditions showed stability, with a slight decline in the urban surveyed unemployment rate. The average urban unemployment rate stood at 5.1% for the first three quarters, down by 0.2 percentage points from the same period last year. Additionally, the per capita disposable income for residents was reported at 30,941 yuan, showing a nominal increase of 5.2% year-on-year, translating to a real growth of 4.9% after adjusting for inflation.
The National Bureau of Statistics remarked that overall, the economic performance in the first three quarters was stable and improving, with policy impacts becoming increasingly apparent and key economic indicators showing positive changes. However, they also highlighted the complexities of the external environment and the need to solidify the foundation for economic recovery. Moving forward, the focus will be on maintaining a balance of stability and progress, enhancing the synergy between existing and new policies, and ensuring timely implementation of measures to support and sustain positive economic momentum, thereby striving to meet the annual socio-economic development goals.
