BEIJING : China’s economy grew 5.2 per cent in the fourth quarter from a year earlier, official data showed on Wednesday, missing analysts’ expectations slightly but still making it possible for Beijing to meet its annual growth target despite a shaky start to the year.
Analysts polled by Reuters had forecast fourth-quarter gross domestic product (GDP) would expand 5.3 per cent from a year earlier, quickening from the third quarter’s 4.9 per cent pace.
For the full-year 2023, the economy grew 5.2 per cent, data from the National Bureau of Statistics data showed, partly helped by the previous year’s low-base effect which was marked by COVID-19 lockdowns. Analysts had forecast 5.2 per cent growth.
Beijing had set a growth target of around 5 per cent for 2023.
On a quarter-by-quarter basis, GDP grew 1.0 per cent in October-December, in line with expectations for a 1.0 per cent increase and compared with a revised 1.5 per cent gain in the previous quarter.
The economy struggled to mount a strong and sustainable post-COVID pandemic bounce last year, burdened by a property crisis, weak consumer and business confidence, mounting local government debts, and sluggish global growth.Source: Reuters
