Posted on 20 Jan 2025
China's gross domestic product (GDP) throughout 2024 totalled Yuan 134.9 trillion ($18.4 trillion), higher by 5% compared with the previous year, according to the latest release of the country's National Bureau of Statistics (NBS) on Friday morning.
For the October-December quarter, the country's GDP registered an increase of 5.4%, marking a much faster growth than the previous two quarters, NBS data showed. The result also beat analysts' expectations of a 5% growth for the past quarter, Mysteel Global noted.
The timely implementation of a package of expansionary policies effectively boosted social confidence and led to a noticeable economic recovery in 2024, per the release.
Among the three pillars supporting China's economy, the tertiary sector continued to make the largest contribution to the GDP last year, with its output value rising by 5% on year to reach Yuan 76.6 trillion, according to NBS data.
The growth in the tertiary sector was supported mainly by industries such as information and software services, leasing and business services, transportation, warehousing and postal services, as well as accommodation and catering.
In parallel, the production value of China's agriculture sector gained 3.5% on year to Yuan 9.1 trillion, and that of the industrial sector also went up by 5.3% to reach Yuan 49.2 trillion.
Within the industrial sector, the output value of mining and manufacturing industries increased by 3.1% and 6.1% respectively compared with the previous year, according to NBS data.
High-quality development remained a key focus for China in 2024, as the added value of high-tech manufacturing jumped by 8.9% on year, along with an 8% increase in the country's investment in high-tech industries.
During last year, the unemployment rate in the country's townships averaged 5.1%, lower by 0.1 percentage point from 2023, while the per capita disposable income expanded 5.3% on year to reach Yuan 41,314, the NBS data showed.
Source:Mysteel Global
