BEIJING (Reuters) – China’s economy grew in the fourth quarter, official data showed on Wednesday, suggesting it could meet the annual growth target set by Beijing.
According to data from the National Bureau of Statistics (NBS), China’s gross domestic product (GDP) grew at an annual rate of 5.2 percent in the fourth quarter.
However, this is growth below the expectations of analysts, who anticipated an increase of 5.3%.
In 2023, Chinese GDP grew by 5.2%, in line with analysts’ expectations, thanks in particular to the low base effect of the previous year, marked by confinements linked to the COVID-19 epidemic. .
Beijing has set a growth target of around 5% for 2023.
On a quarterly basis, GDP grew by 1.0% in October-December, in line with expectations, compared to growth revised to 1.5% in the previous quarter.
China’s economy has struggled to rebound strongly and sustainably since the emergence of COVID-19. The persistent crisis in the real estate sector, low consumer and business morale, growing local government debt and weak global growth also weighed on the world’s second-largest economy last year.
(Reporting Kevin Yao, Ellen Zhang and Joe Cash; Camille Raynaud)
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