China’s economy grew 5% in 2024 after strong final quarter
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The news: China met its 2024 GDP target of 5% growth, after a series of stimulus measures spurred a faster-than-expected rise in the fourth quarter.
The numbers: The world's second-largest economy grew 5.4% in the three months to December from the same period a year earlier, the fastest pace in six quarters and ahead of average estimates of 5%.
The announcement by China's National Bureau of Statistics triggered a surge in iron ore stocks on the ASX.
The materials sector was up 0.7% by 1:30pm AEDT, boosted by gains in mining heavyweights Fortescue (1.8%), Champion Iron (1.5%) and BHP (0.7%) while BlueScope Steel jumped 2.19%.
In a spate of economic figures released today, China's statistics bureau announced:
- Industrial output rose 6.2% year on year in December, ahead of average estimates of 5.4%;
- December retail sales increased 3.7%, outstripping forecasts of 3.6%;
- China's jobless rate grew to 5.1% in December from 5% a month earlier, above estimates;
- New housing starts fell 23%, the fifth straight year of declines, while completions dropped almost 28% and sales were down 17%;
- Steel output gained almost 12% in December, but contracted by 1.7% for the year;
- Oil demand lowered 2.7%, in line with expectations; and
- China's population shrank for a third successive year, lowering 1.39 million to 1.408 billion in 2024, though births rose slightly.
The sources: Bloomberg, National Bureau of Statistics
