China GDP Annual Growth Rate

Last Release

Mar 31, 2024

Actual

5.3

Units In

5.2

Frequency

Quarterly

Next Release

Jul 15, 2024

Time to Release

2 Months 27 Days 15 Hours

Highest	Lowest	Average	Date Range	Source
18.3 Mar 2021	-6.8 Mar 2020	8.85 %	1989-2024	National Bureau of Statistics of China

In China, Gross Domestic Product is divided by three sectors: Primary, Secondary and Tertiary. The Primary Industry includes Farming, Forestry, Animal Husbandry, and Fishery and accounts for around 9 percent of GDP. The Secondary sector, which includes Industry (40 percent of GDP) and Construction (9 percent of GDP) is the most important. The Tertiary sector accounts for the remaining 44 percent of total output and consist of Wholesale and Retail Trades; Transport, Storage, and Post; Financial Intermediation; Real Estate; Hotel and Catering Services and Others.

Latest Updates

The Chinese economy advanced 5.3% yoy in Q1 of 2024, exceeding market forecasts of 5.0% and following a 5.2% growth in the prior period. It was the steepest yearly expansion since Q2 of 2023, lifted by continued support measures from Beijing and spending related to the Lunar New Year festival. During the first three months of 2024, fixed investment grew by 4.5%, the most in nearly a year and above the consensus of 4.3%. Meanwhile, the statistics agency said the economy had made a good start, delivering a strong foundation for achieving the GDP growth target of around 5% this year. However, March data showed that industrial output and retail sales rose less than estimated, underscoring that more policy easing remains necessary for the economy. At the same time, the surveyed jobless rate came at 5.2% in March, staying near February's 7-month high of 5.3%. Tuesday's release did not include China's youth unemployment rate, which hit a record high of 21.3% in June 2023.