The country has recently suffered from, among other things, a crippling real estate crisis and weak consumerism.
China's the economy grew by 5.2 percent last year, according to figures published by the Chinese statistical authorities. The growth was as expected and even exceeded China's goals.
The Chinese government had set a relatively low five percent growth target for last year. Experts estimate that it is achievable, and for example the International Monetary Fund IMF predicted last year China's 2023 growth figure of 5.2 percent, which has since been realized.
The latest reading was also an improvement from 2022's three percent, but is still one of China's weakest annual growth rates in more than three decades.
I has recently suffered from, among other things, the crippling real estate crisis and weak consumerism.
According to the statistical authorities, China's gross domestic product (GDP) was 126 trillion yuan, or over 16 trillion euros.
Official GDP figures are still a key indicator of the state of the world's second largest economy, although they are highly politicized.
China's Economic growth of 5.2 percent is comparatively enviable, as the growth in the United States and the Eurozone was a couple of percent in 2022. In China, however, the reading remains around six and seven percent, which were seen repeatedly in the 2010s.
With the exception of pandemic years, the growth percentage in 2023 is the weakest since 1990. For example, the low percentage in 2022 was the result of strict corona restrictions.
After the lifting of the strict corona restrictions, China saw the beginnings of a recovery, but the pace slowed down in a couple of months, when the lack of confidence among households and companies affected consumption.
China's the engine of growth has historically been exports, which fell last year for the first time since 2016. This was revealed by the figures published by the Chinese customs authorities on Friday.
Geopolitical tensions with the United States and the efforts of some Western countries to reduce dependence on China or diversify their supply chains have also hit growth.
The Chinese authorities are scheduled to publish the 2024 growth target in March.
#China #China39s #economy #grew #percent #weakest #increases #years
