$CNGDPYY -China's GDP (Q1/2025)

CNGDPYY 5.4%
Q1/2025
source: National Bureau of Statistics of China


- China’s economy grew 5.4% year-on-year in Q1 of 2025,
maintaining the same pace as in Q4 and exceeding market expectations of 5.1%.
It remained the strongest annual growth rate in 1-1/2 years amid Beijing's ongoing stimulus.
The latest GDP readings were also buoyed by robust March activity:
industrial output rose at its fastest pace since June 2021, retail sales posted the biggest gain in over a year, and the surveyed jobless rate eased from a two-year high.
Fixed asset investment also slightly surpassed expectations in the first quarter.
On the trade front, exports recorded their strongest growth since October as firms accelerated shipments ahead of looming tariffs, while a drop in imports narrowed.
The statistics bureau said the Chinese economy was “off to a good and steady start” and highlighted the growing role of innovation.
However, intensifying trade tensions with the U.S. have quickly darkened the outlook, increasing pressure on Beijing to roll out additional support measures.