China's GDP grew by 5.2 percent to CNY 91.3 trillion yuan (USD 12.5 trillion) after a 5.5 percent growth in the first three quarters of 2023, the National Bureau of Statistics (NBS) said on Wednesday.

Freepik

According to the bureau, China's GDP expanded 4.9 percent year-on-year in the third quarter of the year, beating economists' forecast of 4.4 percent year-year-year. In addition, the total value added of the industrial enterprises above the designated size grew by 4.5 percent year-on-year in the third quarter, compared with 3.8 percent year-on-year growth rate in the first six months this year.

China's retail sales of consumer goods went up 6.8 percent year on year in the first three quarters to more than 34.2 trillion yuan, the NBS added.

Figures released by the National Bureau of Statistics showed that the country's fixed-asset investment went up 3.1 percent year on year in the first three quarters to 37.5 trillion yuan, while the country's value-added service output increased by 6.0 percent year on year in the first three quarters.

China's per capita disposable income was 29,398 yuan in the first three quarters, up 6.3 percent year on year in nominal terms, according to the data. After deducting price factors, per capita disposable income rose 5.9 percent from the previous year, the NBS data showed.

This economic growth in the first three quarters of 2023 has laid a solid foundation for China to fulfill its full-year growth target, the NBS said. The full-year growth target for 2023 was set at around 5 percent.

More By This Author: