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China: Chinese economy is growing by more than five percent

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China: Chinese economy is growing by more than five percent

The Chinese economy grew by 5.2 percent last year, according to official figures, according to the National Statistics Office. The gross domestic product rose to 126 trillion yuan (around 16 trillion euros). This means the government’s growth target of around five percent was slightly exceeded. As in the year as a whole, the second largest economy increased its gross domestic product by 5.2 percent in the fourth quarter, as the statistics office announced. In the previous three quarters, the Chinese economy grew by 4.5 percent, 6.3 percent and 4.9 percent.

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Recently, the export-driven economy suffered primarily from weak global demand, the crisis in the real estate market and weak domestic consumption. The growth target for the current year will be announced in March when the People’s Congress meets for its annual session.

December economic indicators, released alongside gross domestic product data, showed factory output growth rose at the fastest pace since February 2022, while retail sales grew at their slowest pace since September. Investment growth remained subdued. The ongoing weakness of the real estate sector continues to slow the overall economic recovery. Home prices fell in December at the fastest rate since February 2015, falling for the sixth month in a row.

After the strict Corona restrictions were lifted at the end of 2022, the Chinese economy experienced a rapid revival. But this quickly subsided.

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The Chinese economy grew by 5.2 percent last year, according to official figures, according to the National Statistics Office. The gross domestic product rose to 126 trillion yuan (around 16 trillion euros). This means the government’s growth target of around five percent was slightly exceeded. As in the year as a whole, the second largest economy increased its gross domestic product by 5.2 percent in the fourth quarter, as the statistics office announced. In the previous three quarters, the Chinese economy grew by 4.5 percent, 6.3 percent and 4.9 percent.

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