China's Economy Grows 4.6% in the Third Quarter, Official Data Shows
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China’s economy recorded an expansion of 4.6% in the third quarter of 2024, compared to the same period last year, as reported by the National Bureau of Statistics on Friday. This growth reflects a positive trajectory for the nation’s economic landscape.
For the first nine months of the year, China's gross domestic product (GDP) rose by 4.8%, indicating steady economic progress, according to the bureau. The official report emphasized the overall stability of the national economy, citing improvements in production and demand, as well as stable employment levels and prices. Additionally, there were noted enhancements in the quality of life for citizens, alongside solid advancements in high-quality development and the emergence of new productive forces.
In terms of sector-specific performance, agriculture experienced a year-on-year value-added increase of 3.7% in the first three quarters, while industrial enterprises saw a growth of 5.8%. The services sector also marked progress, with its value-added rising by 4.7% during the same timeframe.
Retail sales of consumer goods increased by 3.3% year-on-year in the initial three quarters, reflecting consumer confidence. Moreover, the total value of imports and exports of goods rose by 5.3%, showcasing China's robust trade activity.
On the inflation front, the consumer price index (CPI) recorded a modest increase of 0.3% in the first nine months when compared to the same period last year, indicating a stable price environment overall.
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