China’s GDP Grows by 4.8% in the First Three Quarters of 2024

Posted by Written by Dezan Shira & Associates Reading Time: 2 minutes

China’s gross domestic product (GDP) reached RMB 94,974.6 billion (US$13,004.3 billion) in the first three quarters of 2024, up by 4.8 percent year on year on constant price. By quarter, the GDP for the first quarter grew by 5.3 percent year on year, up by 4.7 percent for the second quarter, and up by 4.6 percent for the third quarter.

By industry:

  • The value added of the primary industry was RMB 5,773.3 billion (US$790.9 billion), up by 3.4 percent year on year;
  • The value added of the secondary industry was RMB 36,136.2 billion (US$4,950.2 billion), up by 5.4 percent; and
  • The value added of the tertiary industry was RMB 53,065.1 billion (US$7,269.2 billion), up by 4.7 percent.

Released by the National Bureau of Statistics on Friday, October 18, the economic indicators for Q1 to Q3 2024, along with those for September, offer key insights into China’s growth trajectory.

Below we provide a glance at the key data in the first three quarters of 2024:

  • Industrial enterprises: The total value added of industrial enterprises above the designated size grew by 5.8% year on year in the first three quarters.
  • Services: The value added of services increased by 4.7% year on year in the first three quarters.
  • Retail sales: Total retail sales of consumer goods reached RMB 35,356.4 billion (US$4,843.3 billion) in the first three quarters, up by 3.3% year on year.
  • Fixed asset investment: In the first three quarters, investment in fixed assets grew by 3.4% year on year. Excluding investment in real estate, investment in fixed assets was up by 7.7%.
  • Imports and exports: In the first three quarters, the total value of imports and exports reached RMB 32,325.2 billion (US$4,428.1 billion), up by 5.3% year on year. The total value of exports reached RMB 18,614.7 billion (US$2,550.0 billion), up by 6.2%. The total value of exports reached RMB 13,710.4 billion (US$1,878.1 billion), up by 4.1%.
  • Consumer price index (CPI): In the first three quarters, the CPI rose by 0.3% year on year, 0.2 percentage points higher than in the first half of the year.
  • Unemployment rate: In the first three quarters, the urban surveyed unemployment rate averaged 5.1%, down by 0.2 percentage points from the same period last year.
  • Per capita disposable income: In the first three quarters, the nationwide per capita disposable income reached RMB 30,941 (US$4,238.5), showing a nominal growth of 5.2% year on year, with real growth of 4.9% after accounting for inflation.

We will release a more detailed analysis of China’s economic indicators for the first quarters of 2024 early next week. Click here to follow up with the latest updates.

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Dezan Shira & Associates assists foreign investors into China and has done so since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Haikou, Zhongshan, Shenzhen, and Hong Kong. We also have offices in Vietnam, Indonesia, Singapore, United States, Germany, Italy, India, and Dubai (UAE) and partner firms assisting foreign investors in The Philippines, Malaysia, Thailand, Bangladesh, and Australia. For assistance in China, please contact the firm at china@dezshira.com or visit our website at www.dezshira.com.