Chinese economy grows 5.3% in first quarter, hits $4T
The Chinese economy expanded by 5.3% in the first quarter of 2024 compared to the same period last year, according to data released Tuesday by the National Bureau of Statistics of China.
Abone Ol
The country’s gross domestic product (GDP) reached 29.6 trillion yuan ($4 trillion) from January through March. Additionally, the economy saw a quarter-on-quarter increase of 1.6%.
Industrial enterprises contributed significantly, with a 6.1% year-on-year increase in added value during the three-month period. The services sector also showed robust growth, with a 5% rise compared to the first quarter of the previous year.
The total value of imports and exports reached 10.16 trillion yuan ($1.4 trillion), marking a 5% increase year-on-year.
