Insight
China economic focus April 2024: what does a strong Q1 mean?
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The Chinese economy grew by 5.3% year-on-year in Q1 2024, a surprise to the upside. Better-than-expected industrial activity was the main reason for the outperformance in Q1, but we do not think the momentum will last through the whole year. The green economy led growth in Q1. Renewable installations beat expectations, while electric vehicle (EV) production remained strong. The construction sector remained a drag. Infrastructure construction slowed due to project suspension in 12 provinces, and the property sector remained unresponsive to policy support.
Table of contents
- Executive summary
- Q1 GDP beat expectations
- The green economy has become China’s biggest growth driver
- Construction continues to drag
- Appendix
Tables and charts
This report includes the following images and tables:
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GDP indicators by value add and expenditureHighway mobility in ChinaNew credit issued in Q1
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Wood Mackenzie's proprietary China dataManufacturing PMIIndustrial production and retail salesTradeInflationPropertyInvestmentMoney supply (M2)Required reserve ratio
What's included
This report contains:
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