China's Gdp Growth Hits 5 Pct In 2024, Meeting Projections

MOSCOW, Jan 17 (Bernama-Sputnik/RIA Novosti) -- China's GDP grew 5 per cent in 2024, in line with forecasts, the National Bureau of Statistics of China said on Friday, reported Sputnik/RIA Novosti.

"According to preliminary estimates, the gross domestic product (GDP) was 134,908.4 billion yuan [US$18.41 billion] in 2024, an increase of 5.0 per cent over the previous year at constant prices," the bureau said in a statement.

Meanwhile, the director of the Chinese National Bureau of Statistics, Kang Yi, called China’s economic fundamentals of 2024, which exceeded 134 trillion yuan, an “outstanding achievement.”

Such fundamentals indicate that China’s economic, scientific and research might have reached new level, and the county managed to make new contribution to global development, Kang added.

Chinese authorities expected the country's GDP growth to reach around 5 per cent in 2024. The government's report, released in March 2024, said such a target was based on the need to boost employment, increase people's income and cope with risks.

China's GDP by the end of 2023 grew by 5.2 per cent compared to 2022, which was higher than the official forecast that expected GDP growth to reach about 5 per cent. The GDP volume was 126.058 billion yuan.

--BERNAMA-SPUTNIK/RIA NOVOSTI
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