China's Economy Surges with 5.3% Growth in First Quarter, Exceeding Economist Expectations

China's economy exceeded expectations with 5.3% growth in Q1, surpassing the 4.6% forecast. QoQ growth was 1.6%, higher than expected.

In a surprising turn of events, China's economy experienced a robust growth of 5.3% in the first quarter of this year, surpassing the 4.6% growth anticipated by experts. This significant growth exceeded the projections of economists polled by Reuters.

The data from China's National Bureau of Statistics revealed that the country's gross domestic product (GDP) for the period between January to March outperformed the previous quarter, reaching 5.3% compared to the 5.2% growth seen in the fourth quarter of 2023. Furthermore, on a quarter-on-quarter basis, China's GDP expanded by 1.6%, surpassing the expected 1.4% and the previous quarter's 1%.

Beijing had set a growth target of approximately 5% for 2024, and this remarkable performance in the first quarter indicates positive progress towards achieving this goal.

Revised Forecasts

Last week, Morgan Stanley adjusted its projection for China's real GDP growth in 2024 to 4.8%, up from the previous estimate of 4.2%. This upward revision demonstrates growing confidence in China's economic prospects.

Despite this positive news, China encountered challenges in export and inflation data earlier this month, both falling below expectations. These hurdles may present obstacles to sustaining the current growth momentum. This is a developing story. Please stay tuned for further updates on China's economic performance.

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