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China's GDP growth by 5.2% in 2023 slightly exceeding target — statistics

In the fourth quarter of last year, China's GDP growth rate was 5.2%, which is 0.3 percentage points higher than in July-September

BEIJING, January 17. /TASS/. China’s GDP grew by 5.2% in 2023, which was higher than the official target that was set at 5%, the National Bureau of Statistics of China reported referring to preliminary estimates.

As specified in the report distributed at the press conference, last year China's GDP totaled 126.05 trillion yuan (about $17.7 trillion at the current exchange rate). The growth rate in the agricultural sector reached 4.1% (8.97 trillion yuan, or $1.26 trillion), and in the industry and services sector the growth was 4.7% (48.26 trillion yuan, or $6.78 trillion) and 5.8% (68.82 trillion yuan, or $9.67 trillion), respectively.

In the fourth quarter of last year, China's GDP growth rate was 5.2%, which is 0.3 percentage points higher than in July-September.

On Tuesday, speaking at the World Economic Forum in Davos, Chinese Premier Li Qiang stressed that the Chinese economy is developing steadily and will continue to act as a stimulus for global development. He recalled that China's contribution to global GDP growth rates is about 30%.

According to the National Bureau of Statistics of China, the country's GDP growth rate in 2021 was the highest in the last 10 years, reaching 8.4%. However, due to the impact of a number of negative factors, primarily the pandemic, in 2022 the dynamics was 3%.

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