Guangzhou (JLC), January 17, 2025--China's gross domestic product (GDP) expanded by 5.0% year on year in 2024, in line with its annual target, according to the latest data released by the National Bureau of Statistics (NBS) on Friday.
The country's GDP reached 134.91 trillion yuan (about 18.77 trillion US dollars) in the year, the NBS data shows.
Despite facing some difficulties and challenges, China managed to maintain its good growth momentum, mainly because of a slew of economy-boosting stimulus measures.
The value added by the primary industry rose by 3.5% to roughly 9.14 trillion yuan last year; that by the secondary industry grew by 5.3% to about 49.21 trillion yuan; and that by the tertiary industry mounted by 5.0% to 76.56 trillion yuan, the data also shows.
Retail sales of goods, a key measurement of consumer spending, inflated by 3.5% to 48.79 trillion yuan in the year.
The investment in fixed assets went up by 3.2% to 51.44 trillion yuan. By sector, the investment in infrastructure construction climbed by 4.4%, that in manufacturing gained 9.2%, but that in real estate development fell by 10.6%, the NBS said.
The investment in the primary and secondary industries swelled by 2.6% and 12.0%, while that in the tertiary industry dropped by 1.1%.
The value of China's imports and exports hit about 43.85 trillion yuan in 2024, up by 5.0% from the previous year. Its exports gained 7.1% to 25.45 trillion yuan, and its imports increased by 2.3% to 18.39 trillion yuan.
The country's value-added industrial output, an important economic indicator, went up by 5.8% last year, the NBS data also indicates.
