Data Speaks: Special Edition on the Performance of China's Economy in 2024
GDP, Population, Imports & Exports, and so on
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HOWDY! It’s Friday. This is TIAN in Beijing.
DRIVRING THE DAY, China's National Bureau of Statistics (NBS) has released its report on the 2024 economic outlook. Your Watchers has summarized the key takeaways for your convenience:
According to preliminary estimates, the gross domestic product (GDP) was 134,908.4 billion yuan in 2024, an increase of 5.0 percent over the previous year at constant prices.
By industries, the value added of the primary industry was 9,141.4 billion yuan, up by 3.5 percent over last year, that of the secondary industry was 49,208.7 billion yuan, up by 5.3 percent and that of the tertiary industry was 76,558.3 billion yuan, up by 5.0 percent.
By quarters, the GDP for the first quarter went up by 5.3 percent year on year, up by 4.7 percent for the second quarter, 4.6 percent for the third quarter and 5.4 percent for the fourth quarter. The GDP for the fourth quarter increased by 1.6 percent quarter on quarter.
1. Grain Output
The total output of grain in 2024 was 706.50 million tons, an increase of 11.09 million tons over the previous year, or up by 1.6 percent.
By species, the output of wheat was 140.10 million tons, up by 2.6 percent; that of corn 294.92 million tons, up by 2.1 percent; that of rice 207.53 million tons, up by 0.5 percent; and that of soybean 20.65 million tons, down by 0.9 percent.
The total output of pork, beef, mutton and poultry in 2024 was 96.63 million tons, up by 0.2 percent over the previous year.
Of this total, the output of pork was 57.06 million tons, down by 1.5 percent; that of beef 7.79 million tons, up by 3.5 percent; that of mutton 5.18 million tons, down by 2.5 percent; and that of poultry 26.60 million tons, up by 3.8 percent.
2.Industrial Production
In 2024, the total value added of industrial enterprises above the designated size increased by 5.8 percent over the previous year.
In terms of sectors, the value added of mining was up by 3.1 percent, that of manufacturing up by 6.1 percent and that of production and supply of electricity, thermal power, gas and water up by 5.3 percent.
The value added of equipment manufacturing went up by 7.7 percent, and that of high-tech manufacturing up by 8.9 percent, 1.9 percentage points and 3.1 percentage points faster than that of the whole industrial enterprises above the designated size respectively.
By products, the production of new energy vehicles, integrated circuits and industrial robots grew by 38.7 percent, 22.2 percent and 14.2 percent respectively.
3. Service Sector
The value added of service sector went up by 5.0 percent over the previous year.
The value added of information transmission, software and information technology services, leasing and business services, transportation, storage and postal services, accommodation and catering, finance, and wholesale and retail grew by 10.9 percent, 10.4 percent, 7.0 percent, 6.4 percent, 5.6 percent and 5.5 percent respectively.
In the fourth quarter, the value added of service sector went up by 5.8 percent year on year.
4.Market Sales
In 2024, the total retail sales of consumer goods reached 48,789.5 billion yuan, up by 3.5 percent over the previous year.
Analyzed by different areas, the retail sales in urban areas reached 42,116.6 billion yuan, up by 3.4 percent; and the retail sales in rural areas stood at 6,672.9 billion yuan, up by 4.3 percent.
Grouped by consumption patterns, the retail sales of goods were 43,217.7 billion yuan, up by 3.2 percent; and the income of catering was 5,571.8 billion yuan, up by 5.3 percent. The sales of basic living goods and certain upgraded goods witnessed good momentum of growth.
5.Investment in Fixed Assets
In 2024, the investment in fixed assets (excluding rural households) reached 51,437.4 billion yuan, up by 3.2 percent over the previous year.
The investment in fixed assets was up by 7.2 percent with the investment in real estate development deducted. Specifically, the investment in infrastructure went up by 4.4 percent, manufacturing up by 9.2 percent and real estate development down by 10.6 percent.
The floor space of newly-built commercial buildings sold was 973.85 million square meters, down by 12.9 percent; and the total sales of newly-built commercial buildings were 9,675.0 billion yuan, down by 17.1 percent.
6. Imports and Exports of Goods
In 2024, the total value of imports and exports of goods was 43,846.8 billion yuan, an increase of 5.0 percent over the previous year.
The total value of exports was 25,454.5 billion yuan, up by 7.1 percent; the total value of imports was 18,392.3 billion yuan, up by 2.3 percent.
The imports and exports with the Belt and Road partner countries grew by 6.4 percent, accounting for 50.3 percent of the total value of imports and exports.
The exports of mechanical and electrical products grew by 8.7 percent, accounting for 59.4 percent of the total value of exports.
7. Consumer Price
In 2024, the consumer price index (CPI) went up by 0.2 percent over the previous year.
Grouped by commodity categories, prices for food, tobacco and alcohol went down by 0.1 percent; clothing up by 1.4 percent; housing up by 0.1 percent; articles and services for daily use up by 0.5 percent; transportation and communication down by 1.9 percent; education, culture and recreation up by 1.5 percent; medical services and health care up by 1.3 percent; and other articles and services up by 3.8 percent.
In terms of food, tobacco and alcohol prices, prices for fresh fruits went down by 3.5 percent, grain down by 0.1 percent, fresh vegetables up by 5.0 percent, and pork up by 7.7 percent.
8. Resident Income
In 2024, the nationwide per capita disposable income of residents was 41,314 yuan, a nominal increase of 5.3 percent over that of the previous year, or a real increase of 5.1 percent after deducting price factors.
In terms of permanent residence, the per capita disposable income of urban households was 54,188 yuan, a nominal growth of 4.6 percent over the previous year or a real growth of 4.4 percent after deducting price factors.
The per capita disposable income of rural households was 23,119 yuan, a nominal growth of 6.6 percent over the previous year or a real growth of 6.3 percent after deducting price factors.
9. Total Population
By the end of 2024, the national population was 1,408.28 million (including the population of 31 provinces, autonomous regions and municipalities and servicemen, but excluding residents of Hong Kong, Macao and Taiwan and foreigners living in the 31 provinces, autonomous regions and municipalities), a decrease of 1.39 million over that at the end of 2023.
In 2024, the number of births was 9.54 million with a birth rate of 6.77 per thousand; the number of deaths was 10.93 million with a mortality rate of 7.76 per thousand; the natural population growth rate was negative 0.99 per thousand.
In terms of gender, the male population was 719.09 million, and the female population was 689.19 million; the sex ratio of the total population was 104.34 (the female is 100).
In terms of age structure, the population aged 16 to 59 was 857.98 million, accounting for 60.9 percent of the total population; the population aged 60 and over was 310.31 million, accounting for 22.0 percent of the total population.
Specifically, the population aged 65 and over was 220.23 million, accounting for 15.6 percent of the total population.
For more details on the performance of the Chinese economy, please click National Economy Witnessed Steady Progress amidst Stability with Major Development Targets Achieved Successfully in 2024
About the Newsletter:
Ran by TIAN Dongdong, this newsletter features daily and trustworthy content on China's economy. Having worked in Brussels, London, Cairo, and Tripoli for Chinese media as correspondent for several years, TIAN is now based in Beijing.