China‘s GDP Expanded by 5.2% in 2023: NBS

January 17, 2024 Posted by China Briefing Written by Qian Zhou Reading Time: < 1 minute

The NBS released China’s key economic indicators for 2023. Despite the changing business landscape at home and abroad, China managed to beat growth targets for the year. But the population declined by 2.08 million.

On January 17, 2024, the National Bureau of Statistics (NBS) released the key economic indicators for the year 2023.

According to preliminary calculations, China’s GDP reached RMB 126.06 trillion (approx. US$17.52 trillion) for the year, an increase of 5.2 percent over the previous year at constant prices, beating the target of “around five percent” set during the 2023 Two Sessions.

China’s economic indicators in 2023 at a glance:

GDP: RMB 126.06 trillion (US$17.52 trillion); +5.2% y/y
Retail sales: RMB 47.15 trillion (US$6.55 trillion); +7.2%
Industrial added value*: +4.6%
Service added value: +5.8%
Import-export in goods: RMB 41.76 trillion (US$5.80 trillion): +0.2%
Fixed asset investment: RMB 50.30 trillion (US$6.99 trillion); +3.0%
Population：1.40967 billion; -2.08 million.
Disposable income per capita: RMB 39,218 (US$5,451); +6.1%
Unemployment rate: 5.2%;
CPI: +0.2%

*Added value of companies with an annual main business income of over RMB 20 million (US$2.8 million).

See more detailed analysis in our article here.

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