China's economy posted 5.0% growth in the first quarter this year, beating market expectations.
According to China's National Bureau of Statistics on the 16th, China's gross domestic product (GDP) in the first quarter this year was 33.4193 trillion yuan (about 7,226 trillion won), up 5.0% from a year earlier. Earlier, Reuters and Bloomberg had put the consensus forecast at 4.8%.
China's quarterly economic growth slowed from 5.4% in the first quarter last year to 5.2% in the second quarter, then fell to 4.8% and 4.5% in the third and fourth quarters, respectively. However, with a strong first quarter this year, expectations are building for achieving the annual growth target of "4.5–5.0%."
By sector, industrial value-added grew 6.1% from a year earlier, while services and agriculture increased 5.2% and 3.6%, respectively.
China's National Bureau of Statistics said, "With major macroeconomic indicators rebounding and new growth drivers emerging rapidly, the national economy made a smooth start," while adding, "Domestically, an imbalance persists with strong supply but weak demand, and external volatility is also increasing."