Space Travel News
TRADE WARS
China posts forecast-beating 5.3% growth in first quarter
China posts forecast-beating 5.3% growth in first quarter
by AFP Staff Writers
Beijing (AFP) April 16, 2024

China's economy grew far more than expected in the first quarter of 2024, data showed Tuesday, even as it continues to be buffeted by a property-sector crisis and flagging consumer activity.

For January-March, gross domestic product (GDP) reached 29.6 trillion yuan ($4 trillion) -- an increase of 5.3 percent, compared with 5.2 in the previous quarter, the National Bureau of Statistics said.

"The national economy continued the good momentum of a rebound," the NBS said, calling it a "good start".

Beijing last month set a target of around five percent growth for the year, a goal it admitted would "not be easy" and which analysts said was ambitious given the headwinds the country is confronting.

While such a rate would be the envy of most major economies, it would nonetheless be one of China's lowest since 1990, excluding the pandemic years.

The GDP data remains a key insight into the health of the world's second-largest economy, despite being eminently political.

Ratings agency Fitch last month downgraded the country's sovereign credit outlook to negative, warning of "increasing risks to China's public finance outlook" as it contends with more "uncertain economic prospects".

Growth is particularly hampered by sluggish confidence among households and businesses in the context of this economic uncertainty, which is hammering consumption.

But some sectors are doing well, notably services, driven by customers returning to restaurants, transport and tourist places.

However, both retail sales, the main indicator of household spending, and industrial output slumped last month, officials said.

Retail sales growth slowed to 3.1 percent year-on-year in March, down from 5.5 percent in the first two months of 2024.

Industrial production rose 4.5 percent, down from seven percent in January-February, official data showed.

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
Stocks hit by Iran-Israel fears, containment hopes stem losses
Hong Kong (AFP) April 15, 2024
Equities retreated Monday after Iran ramped up Middle East tensions by launching a barrage of missiles and drones at Israel over the weekend, fuelling fears of a wider conflict in the volatile region. However, while Israel called the attack - which Tehran said was in response to a strike on its Syrian embassy - an escalation of hostilities, analysts said there was hope among traders that the crisis could be contained. That sliver of optimism helped drag oil prices lower. Saturday's bombard ... read more

TRADE WARS
TRADE WARS
Exomars 2028 and the Search for Life on Mars

Looking back at Hinman Col: Sols 4146-4147

Perseverance uncovers a watery past on Mars

Continuing up the Channel: Sols 4139-4140

TRADE WARS
China's Queqiao-2 satellite marks success in recent communication tests

Japanese astronaut to be first non-American to set foot on Moon

NASA's Electrodynamic Dust Shield Enhances Lunar and Martian Missions

Astrobotic Collaborates with LZH and TU Berlin on Lunar 3D Printing Project

TRADE WARS
NASA unveils probe bound for Jupiter's possibly life-sustaining moon

Juice mission successfully tests Callisto flyby simulation

The PI's Perspective: Needles in the Cosmic Haystack

The Persistent Ices of Kuiper Belt Object 486958 Arrokoth

TRADE WARS
NASA's planet-hunter TESS temporarily shuts off

First 'glory' on hellish distant world

CHEOPS identifies phenomenal 'Glory' on distant exoplanet WASP-76b

Uncovering the thermal pathways to life's origins

TRADE WARS
UK Space Agency supports Rolls-Royce and BWX Technologies in developing space reactors

Kennedy Space Center Enhances Altitude Chamber for Artemis II Spacecraft Trials

NASA continues Artemis program amid advancements in Starship program at SpaceX

Russian rocket lifts off at third attempt

TRADE WARS
Space Devices Ensure Health of Taikonauts Aboard Tiangong Space Station

Shenzhou 17 astronauts complete China's first in-space repair job

Tiangong Space Station's Solar Wings Restored After Spacewalk Repair by Shenzhou XVII Team

BIT advances microbiological research on Chinese Space Station

TRADE WARS
Climate warming endangers Antarctic meteorite collection

When and How to Spot the 'Devil Comet'

NEOWISE Achieves a Decade of Asteroid and Comet Surveillance from Space

Asteroid Bennu's samples available for global scientific scrutiny

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.