Would you like to receive notifications on latest updates of the following headlines?

China's Economy Grew Faster Than Expected in Q1

POSTED ON April 16, 2024 •   World      BY Abiodun Saheed Omodara •   VIEWS 141
China Economy Growth l Credit: Investmentwatch l Source: Investmentwatch.com

China's economy made a stronger-than-expected start to the year, even as the crisis in its property sector deepened. 

According to official data, gross domestic product (GDP) expanded by 5.3% in the first three months of 2024, compared to a year earlier. 

That beat expectations the world's second-largest economy could see growth slow to 4.6% in the first quarter. 

Last month, Beijing set an ambitious annual growth target for the world's second-largest economy of "around 5%". 

Data from the National Bureau of Statistics (NBS) also showed first-quarter retail sales growth, a key gauge of China's consumer confidence, fell to 3.1%. 

"You cannot manufacture growth forever so we need to see households come to the party if China wants to hit that around 5% growth target," Harry Murphy Cruise from Moody's Analytics told the BBC. 

In the same period, property investment fell by 9.5%, highlighting the challenges faced by China's real estate firms. 

The figures came as China struggles with an ongoing property market crisis. According to the International Monetary Fund (IMF), the sector accounts for around 20% of the economy. 

The latest data also showed new home prices fell at the fastest pace for more than eight years in March. 

The real estate industry crisis was highlighted in January when property giant Evergrande was ordered to liquidate by a court in Hong Kong. 

Rival developers Country Garden and Shimao have also been hit with a winding-up petition in the city. 

Last week, credit ratings agency Fitch cut its outlook for China, citing increasing risks to the country's finances as it faces economic challenges. 

At the annual gathering of China's leaders in March officials said the economy grew by 5.2% in 2023. 

For decades the Chinese economy expanded at a stellar rate, with official figures putting its GDP growing at an average of close to 10% a year.

RECOMMENDED FOR YOU
US poll: Court orders Elon Musk to defend $1m election giveaway
BY Benedicta Bassey October 31, 2024 0

Elon Musk has been ordered to appear in court on Thursday following a lawsuit concerning $1 million...

RECOMMENDED FOR YOU
Canadian official fingers Indian minister in campaign against Sikh Separatists
BY Benedicta Bassey October 30, 2024 0

A Canadian official, has indicted the Indian Home Minister,  Amit Shah of direct involvement in...

RECOMMENDED FOR YOU
New Zealand facilitates doctors' registration to tackle shortage
BY Benedicta Bassey October 29, 2024 0

The New Zealand government has implemented moved to facilitates the registration of overseas doctors...

RECOMMENDED FOR YOU
Nigeria: EU supports dialogue on increasing women's participation in governance
BY Abiodun Saheed Omodara October 28, 2024 0

The European Union (EU) on Monday supported a key dialogue focused on women’s inclusion and re...

RECOMMENDED FOR YOU
S’Arabia raises $1.1bn for displaced persons in Nigeria, Lake Chad, Others
BY Abiodun Saheed Omodara October 28, 2024 0

Saudi Arabia, through the King Salman Humanitarian Aid and Relief Centre (KSrelief), has raised over...

RECOMMENDED FOR YOU
Trump targets Harris, says she's unfit for presidency
BY Benedicta Bassey October 28, 2024 0

Republican presidential candidate Donald Trump rallied his Make America Great Again (MAGA) supporter...

RECOMMENDED FOR YOU
Japan’s ruling coalition suffer major loses in poll amid scandal
BY Benedicta Bassey October 28, 2024 0

In Japan's Parliamentary election, Prime Minister Shigeru Ishiba’s ruling coalition, suffered...

RECOMMENDED FOR YOU
Israel-Iran conflict, UN Security Council to hold emergency meeting today
BY Benedicta Bassey October 28, 2024 0

The United Nations Security Council (UNSC) will on Monday (today) hold an emergency meeting at Iran&...

OUR CHANNELS:

OTHER ARTICLES ::

5th November, 2024
Economic Showdown: Atiku's Critique vs. Tinubu's Policies A Leadership Divide
BY ROCKETPARROT.com staff November 5, 2024 0

In a recent exchange highlighting the growing tensions in Nigeria's political landscape, former Vice...


Indianapolis Woman Dies in I-65 Accident Near Columbus After Return from Kentucky Event
BY ROCKETPARROT.com staff November 5, 2024 0

COLUMBUS, Ind. — A tragic accident claimed the life of Indianapolis resident Omotope G. Oyedir...


Adriano's Decline: From Football Glory to Favela Streets
BY ROCKETPARROT.com staff November 5, 2024 0

Health concerns arise as a recent video surfaces showing Adriano, the former Inter Milan and Brazil...


Proposed tax reform bills not against North, says Presidency
BY Abiodun Saheed Omodara November 5, 2024 0

The Presidency has said contrary to job loss fears and perceived marginalisation of the North, the t...


Kaduna approves N72,000 minimum wage
BY Abiodun Saheed Omodara November 5, 2024 0

The Kaduna State Governor, Uba Sani, has approved a new minimum wage of N72,000 for civil servants i...


Man Utd seal deal with Amorim as new manager — Report
BY Abiodun Saheed Omodara November 5, 2024 0

Manchester United has finalised an agreement with Sporting Lisbon to appoint 39-year-old Ruben Amori...


Nile Group collaborates with Ooni of Ife to manage his theaters
BY Ebiakuboere England November 5, 2024 0

His Imperial Majesty, the Ooni of Ife, and Nile Cinemas have inked a historic management contract fo...


Bruno Mars tops Spotify monthly listeners record
BY Ebiakuboere England November 5, 2024 0

Grammy-winning singer Bruno Mars has broken the previous record with 120,862,858 monthly Spotify lis...


South Africa to strip Chidimma Adetshina of ID documents
BY Ebiakuboere England November 5, 2024 0

Nigerian-South African Model Chidimma Adetshina faces the possibility of losing her national documen...


Senate confirms seven ministerial nominees
BY Benedicta Bassey November 5, 2024 0

The Senate has screened and confirmed seven ministerial nominees appointed by President Bola Ahmed T...


Menu