China GDP Q1 2025 +5.4%

According to data released by the National Bureau of Statistics, China’s gross domestic product grew by 5.4 per cent year-on-year in the first quarter of 2025, reaching USD 4.3 trillion, while on a quarterly basis the economy expanded by 1.2 per cent.

Retail sales, a key indicator of consumer spending, increased by 4.6 per cent year-on-year in Q1 2025, marking an improvement from the 3.8 per cent growth recorded in Q4 2024. In March alone, retail sales rose by 5.9 per cent, compared to 4 per cent in January–February.

Value-added industrial output rose by 6.5 per cent year-on-year in the first three month of 2025, up from a 5.7 per cent increase in the previous quarter. In March alone, industrial production accelerated by 7.7 per cent, compared to 5.9 per cent in the first two months of the year.

In the January-March period, fixed-asset investment, a gauge of expenditures on various elements, including infrastructure, property, machinery and equipment, grew by 4.2 per cent, slightly above the 4.1 per cent growth recorded in the first two months of the year.

The surveyed urban unemployment rate declined to 5.2 per cent in March, down from 5.4 per cent in February, suggesting gradual improvement in labour market conditions.