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Financial News: China Q4 GDP Growth Exceeds Expectations

China Q4 GDP Growth Exceeds Expectations

01/16/2023 - 23:40:00 (RTTNews)

(RTTNews) - China's economy grew more than expected in the fourth quarter, figures from the National Bureau of Statistics revealed on Tuesday.

Gross domestic product posted an annual growth of 2.9 percent in the fourth quarter, faster than the 1.8 percent increase economists had expected. Nonetheless, this was weaker than the 3.9 percent expansion seen in the third quarter.

In the whole year of 2022, GDP growth was 3.0 percent, missing government's target of around 5.5 percent.

China's provinces are projecting economic growth of 5-6 percent for 2023. The government's full year target will be announced at the National People's Congress in March.

Last week, the World Bank said activity in China remains vulnerable to a prolonged drag from the real estate sector and continued pandemic-related disruptions. The lender forecast China's economy to expand 4.3 percent in 2023 and 5.0 percent next year.

Data today showed that retail sales dropped only 1.8 percent annually in December, much better than economists' forecast of -8.6 percent.

Moreover, industrial production climbed 1.3 percent from the last year, bigger than the 0.2 percent expected growth.

During January to December 2022, fixed asset investment advanced 5.1 percent from the last year, again better than the 5.0 percent expected expansion.

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