China's Economy Grows 5.3% in Q1, Surpassing Expectations
Despite ongoing challenges in the property sector and consumer activity, China's GDP growth in the first quarter of 2024 exceeded forecasts, indicating a robust start to the year.
- China's GDP expanded by 5.3% in the first quarter of 2024, outpacing analyst expectations and marking an improvement from the previous quarter's 5.2% growth.
- The growth was driven by strong performances in manufacturing and infrastructure, despite weaknesses in the property market and consumer spending.
- Exports and imports showed mixed results, with notable declines in March, but overall trade volumes remained high, especially with BRI and BRICS countries.
- Retail sales and industrial output in March grew slower than expected, highlighting ongoing challenges in domestic demand.
- Economic analysts predict continued growth for the second quarter, supported by government measures and stable manufacturing sector performance.
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