China's economy records growth rate of 4.6 percent in Q3
Date
10/20/2024 2:20:04 AM
(MENAFN) China's Economy recorded a growth rate of 4.6 percent in the third quarter of 2024 compared to the same period in the previous year, as reported by the National Bureau of Statistics on Friday. This growth reflects a continued recovery and steady economic activity within the country, despite facing various challenges. For the first nine months of the year, the country’s gross domestic product (GDP) rose by 4.8 percent, indicating an overall trend of stable economic progress and resilience.
The bureau emphasized that the national economy remains generally stable, showcasing steady advancements across multiple sectors. There was a noted increase in production and demand, along with stable employment and prices, which have contributed positively to the well-being of the population. Moreover, the report highlighted solid progress in high-quality development, reflecting the emergence and growth of new productive forces within the economy.
In terms of specific sectors, agriculture experienced a year-on-year value-added increase of 3.7 percent during the first three quarters, indicating a healthy performance in the agricultural sector. Industrial enterprises showed even stronger growth, with a 5.8 percent increase in value-added output. The services sector also contributed to the overall economic expansion, reporting a 4.7 percent increase in value-added during the same period.
Consumer activity showed signs of improvement as well, with retail sales of consumer goods climbing by 3.3 percent year-on-year in the first three quarters. Additionally, the total value of imports and exports of goods increased by 5.3 percent, reflecting a robust trade environment. Meanwhile, the consumer price index (CPI), which serves as a measure of inflation, recorded a modest increase of 0.3 percent in the first nine months compared to the same timeframe last year, suggesting that inflationary pressures remain contained.
MENAFN20102024000045015839ID1108798469
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.