BUSINESS

China's GDP grows 5.2% in 2023

By Rishabh Raj

1

Beats target

China's economy saw a growth of 5.2% in 2023, surpassing the government's target of around 5% yearly growth. 

2

Factors contributing to recovery

The National Bureau of Statistics in China credited the economic recovery to factors such as enhanced macro regulation and efforts to boost domestic demand as well as prevent and defuse risks. 

3

Output and sales growth

Industrial output went up by 4.6% in 2023 compared to the previous year, while retail sales of consumer goods saw a 7.2% growth. 

4

Investment spending rises

Fixed-asset investment spending on factory equipment, construction, and other infrastructure projects rose by 3% year on year. 

5

Imports, exports increase

Trade data from December showed a slight increase in exports and imports, while consumer prices dropped for the third consecutive month due to deflationary pressures. 

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