Chinese GDP grew by 5% in the first half of 2024

The Chinese economy is showing steady growth. The country's GDP increased by 5% in the first half of 2024, reaching 61.683 trillion yuan ($8.5 trillion). 

In the first quarter, the growth rate was slightly higher — 5.3%, but in the second quarter it decreased to 4.7%. 

China's GDP by economic sector also shows positive dynamics: agriculture grew by 3.5% ($422.8 billion), industry and construction — by 5.8% (3.26 trillion), and the service sector — by 4.6% ($4.8 trillion). 

The Chinese authorities predict that the country's GDP will grow by 5% in 2024. This target is determined by the need to stimulate employment, increase household incomes, prevent and eliminate risks and maintain economic growth in accordance with the goals of the 14th five-year program. 

International organizations such as the IMF, the European Commission and Fitch Ratings forecast more moderate GDP growth in China in 2024, ranging from 4.6% to 4.8%. Recall that China's GDP grew by 5.2% in 2023, exceeding the official forecast of 5%.