China's economy grows 5.3% in Q1 2024

China's economy grew more than expected in the first quarter of 2024, supported by Beijing's efforts to boost manufacturing, data issued by the National Bureau of Statistics of China (NBS) showed Tuesday.

Gross domestic product (GDP) rose by 5.3% year-on-year (YoY) in Q1 2023, beating expectations of 4.6%.

In Q4 2023, the world's second-largest economy improved by 5.2%.

The NBS stated that the overall economy got off to a good start in Q1, laying a good foundation for the entire year. It noted that the external environment became more complex, severe, and uncertain.

Industrial production jumped 6.1% YoY in the first quarter. Similarly, retail sales - a key measure of domestic consumption – were hit by 4.7% YoY.

In March, industrial production increased by 4.5% YoY, missing expectations of 6%, while retail sales grew by 3.1% YoY, missing estimates of 4.6%.

The urban unemployment rate fell to 5.2% in March, from 5.3% in February.

Meanwhile, real estate investment dropped by 9.5% YoY in Q1 2024, while investment in fixed assets rose by 4.5% YoY.