Growth from the Chinese economy exceeds expectations

China’s economy grew faster than expected in the first quarter of 2024 The Chinese economy grew faster than expected in the first quarter. Gross domestic product rose 5.3 percent in the January-March period from a year earlier, official data released by China’s National Bureau of Statistics on Tuesday showed, faster than the 4.6 percent growth economists had expected from the 5.2 percent growth in the fourth quarter of 2023. China’s economy grew 1.6 percent quarter-on-quarter in the first quarter. GDP in the final quarter of 2024 had risen 1.0 percent quarter-on-quarter. Industrial production rose 4.5 percent year-on-year in March, below expectations of 6 percent. Retail sales rose 3.1 percent year-on-year, below expectations of 4.6 percent. Unemployment in major cities fell to 5.2 percent, ending a three-month streak of increases. The offshore yuan strengthened slightly after the data was released and traded at 7.2724 per dollar, retreating from a five-month high hit on Tuesday.