Guangzhou (JLC), July 17, 2023--China's GDP grew 5.5% on a year-on-year basis in the first half of 2023 to CNY59.30 trillion, showing an overall rebound trend, the National Bureau of Statistics (NBS) said on Monday.
In Q1 and Q2, the GDP expanded 4.5% and 6.3% on year respectively, the NBS said.
Earlier this year, China set a GDP growth target of about 5% for 2023.
Industrial Output Gains Steadily
China's value-added industrial output, a gauge of activities in the manufacturing, mining and utilities sectors, grew 3.8% on year in H1 2023, accelerating from Q1.
By sector, value-added output for mining gained 1.7% on year in H1, while that for manufacturing grew 4.2%, the NBS data shows. Value-added output for utilities (power, heat, gas and water) grew 4.1% on year in H1.
By product, output growth for solar photovoltaic (PV) cells and new energy vehicles (NEVs) in H1 stood at 54.5% and 35.0% on year, respectively.
Retail Sales Expand Modestly
Retail sales, a key measurement of consumer spending, also grew on a year-on-year basis in H1, suggesting a recovery in retail after China lifted COVID-related restrictions at the end of 2022.
Total retail sales for consumer goods in H1 hit CNY22.76 trillion, a year-on-year growth of 8.2%.
Among them, retail sales for goods stood at CNY20.33 trillion, gaining 6.8% on year, and that from catering industry amounted about CNY 2.43 trillion, growing 21.4% on year, the NBS said.
Stronger Fixed-asset Investment
Fixed-asset investment, a gauge of expenditures on items including infrastructure, property, machinery and equipment, grew 3.8% on year in H1 to CNY24.31 trillion, the NBS said.
In January-June, fixed-asset investment in infrastructure and manufacturing gained 7.2% and 6.0% on year, respectively.
However, fixed-asset investment on property sector shrunk 7.9% on year.
Higher Value for Import-Export of Goods in CNY Terms
Total value of import and export of goods stood at CNY20.10 trillion in H1, growing 2.1% on year.
Export value was CNY11.46 trillion, a gain of 3.7% on year, while import value was CNY8.64 trillion, shrinking 0.1% on year, the NBS data shows.
A surplus of CNY 2.82 trillion was registered in H1.
Disposable Income Rises, Unemployment Rate Stable
Disposable income per capita was CNY19,672 in H1, a nominal increase of 6.5% on year. With inflation taken into account, the actual growth rate was 5.8%.
Urban jobless rate came in at 5.3% in H1, 0.2 percentage points lower than Q1, the NBS said. In June, however, the youth (people between the age of 16 and 24) unemployment rate was at 21.3%, a very high level.
NBS’s Summary on Economy in H1
Despite the steady recovery, the foundation for the economic rebound is not yet solid in light of a complicated international environment.
More efforts should be made to promote high-quality growth, deepen reforms and opening-up, accelerate the modernization of the industrial system, improve the economic structure and gather new growth momentum, the NBS said.
