China recorded economic growth of 5% in 2024, the weakest pace in three decades excluding the Covid period. Beijing had set itself the objective of growth “around 5%” of its gross domestic product (GDP), after an increase of 5.2% in 2023, against a backdrop of a persistent crisis in the real estate sector, still sluggish domestic consumption and trade tensions with the United States and the European Union. In 2024, China’s GDP reached 134.908 billion yuan (17.867 billion euros), according to official estimates from the National Bureau of Statistics (NBS) published on Friday.
China is struggling to recover from a serious real estate crisis which is weighing on consumer morale and the finances of local authorities. A rare improvement in this dark picture, in 2024, the Asian giant’s exports reached a record level of around 3,400 billion euros, up 7.1% over one year, according to official data published Monday. The increase in imports also resulted in an acceleration in industrial production, which increased by 5.8% last year, compared to 4.6% in 2023.
Conversely, retail sales recorded a clear slowdown, increasing by 3.5% last year compared to an increase of more than 7% in 2023: a drastic slowdown signaling consumption still under pressure at a time when Worried households prefer to postpone their purchases.
Swiss
