Chinese industry slows down and grows 4.5% in March

China’s industrial production increased 4.5% in March compared to the same month in 2023. The rate is below the 7% achieved in the first 2 months of the year. The information was released on Monday (April 15, 2024) by the country’s National Statistics Office.

According to the survey, the country’s retail sales also increased in March. There was a 3.1% growth in the consumption indicator compared to 2023. In January and February, however, annual growth was 5.5%.

The indices were released together with data on Chinese GDP (Gross Domestic Product) in the 1st quarter of this year. The country showed a 5.3% growth in the indicator compared to the same period in 2022. It reached 29.63 trillion yuan (US$21.41 trillion). The local government’s goal is to reach the end of 2024 with economic growth of 5%.

In relation to the previous quarter, China’s GDP increased by 1.6% in the period from January to March 2024. In the 4th quarter of last year, the Chinese economy grew by 5.2%.

Sheng Laiyun, deputy director of China’s National Bureau of Statistics, said in an interview with reporters that the country’s economy “maintained the recovery momentum and started well” the year 2024.

According to the Chinese agency Xinhuahe cited positive factors recorded in the 1st quarter of this year, such as increased production demand, stable employment and prices and increased market confidence.

“These positive factors driving economic recovery are accumulating and strengthening, laying a good foundation for full-year growth”, stated Sheng.