China's Economy Growth in Q1 2024
China's economy grew faster than expected in the first quarter of 2024, driven by external demand. However, industrial output and retail sales fell short of expectations. Unemployment decreased, but the real estate sector showed weakness.
Key Points
- GDP growth of 5.3% in Q1 2024
- Industrial output grew by 4.5%
- Retail sales increased by 3.1%
Pros
- GDP growth of 5.3% exceeded expectations
- External demand drove growth
- Unemployment in major cities decreased
Cons
- Industrial output grew below expectations at 4.5%
- Retail sales also fell short at 3.1%
- China's real estate sector continued to show weakness