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17 Jan 2024

China’s NBS: 2023 economic growth 'hard won'

Following the release of the high-impact economic data from China for December, the National Bureau of Statistics (NBS) offered its view on the economy during its press conference on Wednesday.

Key quotes (via Reuters)

Final consumption accounted for 82.5% of 2023 GDP growth.

China's 2023 economic growth 'hard won'.

China's economy faces complex external environment, insufficient demand in 2024.

Capital formation accounted for 28.9% of 2023 GDP growth.

Net exports accounted for -11.4% of 2023 GDP growth.

Final consumption accounted for 80% of Q4 GDP growth.

Capital formation accounted for 23.1% of Q4 GDP growth.

Net exports accounted for -3.1% of Q4 GDP growth.

Low consumer prices reflect insufficient effective demand.

Expects modest consumer price rise in 2024.

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