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Explainer | China’s economic ‘growth nothing to write home about’: 7 takeaways from fourth-quarter data
- China’s economy grew in 2023 by 5.2 per cent, year on year, and similarly finished the year with 5.2 per cent growth in the fourth quarter
- Property investment fell by 9.6 per cent in 2023, and year-end growth in retail sales slowed to 7.4 per cent in December
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1. GDP growth in line with expectations
China’s economy saw year-on-year growth of 5.2 per cent in 2023, hitting leadership’s annual economic growth target of “around 5 per cent”.
The world’s second-largest economy also grew by 1 per cent in the last three months of 2023 from the previous quarter, following a revised 1.5 per cent quarterly growth in the third quarter.
China’s gross domestic product (GDP) also rose by 5.2 per cent, year on year, in the fourth quarter compared with a year earlier, up from a rise of 4.9 per cent in the July-September period.
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Analysts at Goldman Sachs said the year-on-year increase in the fourth quarter was “thanks mainly to a low base” from 2022.
“The result was broadly in line with expectations and confirms that the economy slightly bettered the ‘around 5 per cent’ growth target for the year,” said Harry Murphy Cruise, an economist at Moody’s Analytics.
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