FX.co ★ China GDP Expands Annualized 5.3% In Q1

On Tuesday, the National Bureau of Statistics announced that in the first quarter of 2024, China's GDP rose 5.3 percent year-over-year, surpassing the projected growth of 4.8 percent and marking an increase from the previous quarter's 5.2 percent.

When adjusted for seasonal fluctuations, the quarterly GDP witnessed an increase of 1.6 percent, accelerating from the 1.0 percent observed in the preceding three-month period.

In terms of industrial production, the rate of growth clocked in at 4.5 percent year-over-year in March. This was lower than the anticipated 5.4 percent and a slowdown from February's 7.0 percent.

Compared to predictions, retail sales in March underperformed, posting an increase of only 3.1 percent, which marked a dip from 5.5 percent in the previous month. The expectation was for a 5.1 percent rise.

When observing fixed asset investment, however, there was an uptick. March saw a yearly rise of 4.5 percent, surpassing the forecasted 4.0 percent and an improvement from 4.2 percent the preceding month.

In contrast, March witnessed a dip in house prices, registering a drop of 2.2 percent year-over-year after a decline of 1.4 percent in February.

Lastly, in terms of unemployment, the rate for March was recorded at 5.2 percent, in line with predictions and a decrease from 5.3 percent in the previous month.