National Bureau of Statistics: In 2024, the Gross Domestic Product will be 13,490,840 million yuan, a year-on-year growth of 5%

According to the Zhitong Finance APP, on January 17, the National Bureau of Statistics reported that preliminary calculations show that the annual Gross Domestic Product (GDP) reached 13,490,840 million yuan, an increase of 5.0% compared to the previous year at constant prices. By industry, the added value of the primary industry was 91,414 million yuan, an increase of 3.5% compared to the previous year; the added value of the secondary industry was 492,087 million yuan, an increase of 5.3%; and the added value of the tertiary industry was 765,583 million yuan, an increase of 5.0%. In terms of quarters, the GDP grew by 5.3% year-on-year in the first quarter, 4.7% in the second quarter, 4.6% in the third quarter, and 5.4% in the fourth quarter. On a quarter-on-quarter basis, the GDP grew by 1.6% in the fourth quarter.

The full text is as follows:

Economic operation in 2024 is stable with progress, and major development goals are successfully achieved

In 2024, facing the complex and severe situation of increasing external pressures and growing internal difficulties, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, all regions and departments thoroughly implement the decisions and deployments of the Party Central Committee and the State Council, adhere to the general principle of seeking progress while maintaining stability, fully and accurately implement the new development concept, accelerate the construction of a new development pattern, and solidly promote high-quality development. The national economy operates overall steadily, with progress made amid stability, and new progress in high-quality development, especially with the timely deployment and introduction of a package of incremental policies that effectively boost social confidence and lead to a noticeable economic rebound, successfully completing the main goals and tasks of economic and social development.

Preliminary calculations show that the annual GDP reached 13,490,840 million yuan, an increase of 5.0% compared to the previous year at constant prices. By industry, the added value of the primary industry was 91,414 million yuan, an increase of 3.5% compared to the previous year; the added value of the secondary industry was 492,087 million yuan, an increase of 5.3%; and the added value of the tertiary industry was 765,583 million yuan, an increase of 5.0%. In terms of quarters, the GDP grew by 5.3% year-on-year in the first quarter, 4.7% in the second quarter, 4.6% in the third quarter, and 5.4% in the fourth quarter. On a quarter-on-quarter basis, the GDP grew by 1.6% in the fourth quarter.

1. Grain production reaches a new level, and livestock production grows steadily

The total grain production in the country for the year was 706.5 million tons, an increase of 11.09 million tons, or 1.6% compared to the previous year. Among them, summer grain production was 14.989 million tons, an increase of 2.6%; early rice production was 2.817 million tons, a decrease of 0.6%; and autumn grain production was 52.843 million tons, an increase of 1.4%. By variety, wheat production was 14.010 million tons, an increase of 2.6%; corn production was 29.492 million tons, an increase of 2.1%; rice production was 20.753 million tons, an increase of 0.5%; and soybean production was 2.065 million tons, a decrease of 0.9%. The total production of pork, beef, mutton, and poultry meat for the year was 96.63 million tons, an increase of 0.2% compared to the previous year; among them, pork production was 57.06 million tons, a decrease of 1.5%; beef production was 7.79 million tons, an increase of 3.5%; mutton production was 5.18 million tons, a decrease of 2.5%; and poultry meat production was 26.60 million tons, an increase of 3.8%. Milk production was 40.79 million tons, a decrease of 2.8%; and egg production was 35.88 million tons, an increase of 0.7%. The total number of pigs slaughtered was 70.256 million heads, a decrease of 3.3%; and the number of pigs at the end of the year was 42.743 million heads, a decrease of 1.6% II. Industrial production shows good momentum, with rapid growth in equipment manufacturing and high-tech manufacturing

The national industrial added value above designated size increased by 5.8% year-on-year for the whole year. By the three major categories, the added value of the mining industry grew by 3.1%, manufacturing grew by 6.1%, and the production and supply of electricity, heat, gas, and water grew by 5.3%. The added value of equipment manufacturing grew by 7.7%, and the added value of high-tech manufacturing grew by 8.9%, with growth rates exceeding that of industrial added value above designated size by 1.9 and 3.1 percentage points, respectively. By economic type, the added value of state-controlled enterprises grew by 4.2%; joint-stock enterprises grew by 6.1%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises grew by 4.0%; and private enterprises grew by 5.3%. By product, the output of new energy vehicles, integrated circuits, and industrial robots increased by 38.7%, 22.2%, and 14.2%, respectively. In the fourth quarter, the industrial added value above designated size increased by 5.7% year-on-year. In December, the industrial added value above designated size increased by 6.2% year-on-year and by 0.64% month-on-month. From January to November, the total profit of industrial enterprises above designated size reached 66,675 billion yuan, a year-on-year decrease of 4.7%.

III. The service industry continues to grow, with modern service industries developing well

The added value of the service industry increased by 5.0% year-on-year for the whole year. Among them, the added value of information transmission, software, and information technology services, leasing and business services, transportation, warehousing, and postal services, accommodation and catering, finance, and wholesale and retail industries increased by 10.9%, 10.4%, 7.0%, 6.4%, 5.6%, and 5.5%, respectively. In the fourth quarter, the added value of the service industry increased by 5.8% year-on-year. In December, the service production index increased by 6.5% year-on-year; among them, the production indices of leasing and business services, finance, information transmission, software, and information technology services, and transportation, warehousing, and postal services increased by 9.5%, 9.3%, 8.8%, and 8.3%, respectively. From January to November, the operating income of service enterprises above designated size increased by 8.2% year-on-year. Among them, the operating income of leasing and business services, information transmission, software, and information technology services, and transportation, warehousing, and postal services increased by 11.5%, 9.5%, and 8.3%, respectively.

IV. Market sales maintain growth, with online retail being relatively active

The total retail sales of consumer goods reached 487,895 billion yuan for the whole year, an increase of 3.5% compared to the previous year. By the location of the operating units, urban retail sales of consumer goods reached 421,166 billion yuan, an increase of 3.4%; rural retail sales of consumer goods reached 66,729 billion yuan, an increase of 4.3%. By consumption type, retail sales of goods reached 432,177 billion yuan, an increase of 3.2%; catering revenue reached 55,718 billion yuan, an increase of 5.3%. Sales of basic living goods and some upgraded goods showed good growth, with retail sales of household appliances and audio-visual equipment, sports and entertainment products, communication equipment, and grain and oil food products above designated size increasing by 12.3%, 11.1%, 9.9%, and 9.9%, respectively. The national online retail sales reached 155,225 billion yuan, an increase of 7.2% compared to the previous year. Among them, online retail sales of physical goods reached 130,816 billion yuan, an increase of 6.5%, accounting for 26.8% of the total retail sales of consumer goods. In the fourth quarter, the total retail sales of consumer goods increased by 3.8% year-on-year. In December, the total retail sales of consumer goods increased by 3.7% year-on-year and by 0.12% month-on-month The total retail sales of consumer goods for the year increased by 6.2% compared to the previous year.

V. The scale of fixed asset investment expanded, with rapid growth in high-tech industry investment

The total fixed asset investment (excluding rural households) for the year reached 51.4374 trillion yuan, an increase of 3.2% compared to the previous year; after excluding real estate development investment, the national fixed asset investment grew by 7.2%. By sector, infrastructure investment increased by 4.4%, manufacturing investment grew by 9.2%, and real estate development investment decreased by 10.6%. The sales area of newly built commercial housing nationwide was 97.385 million square meters, a decrease of 12.9%; the sales amount of newly built commercial housing was 9.675 trillion yuan, a decrease of 17.1%. By industry, investment in the primary industry grew by 2.6%, investment in the secondary industry increased by 12.0%, and investment in the tertiary industry decreased by 1.1%. Private investment decreased by 0.1%; after excluding real estate development investment, private investment grew by 6.0%. Investment in high-tech industries increased by 8.0%, with high-tech manufacturing and high-tech service industries growing by 7.0% and 10.2%, respectively. In high-tech manufacturing, investment in the aerospace and equipment manufacturing industry and computer and office equipment manufacturing industry grew by 39.5% and 7.1%, respectively; in high-tech services, investment in professional technical services and technology achievement transformation services grew by 30.3% and 11.4%, respectively. In December, fixed asset investment (excluding rural households) increased by 0.33% month-on-month.

VI. Rapid growth in goods import and export, with continuous optimization of trade structure

The total import and export value of goods for the year was 43.8468 trillion yuan, an increase of 5.0% compared to the previous year. Among them, exports were 25.4545 trillion yuan, an increase of 7.1%; imports were 18.3923 trillion yuan, an increase of 2.3%. The import and export to countries participating in the Belt and Road Initiative grew by 6.4%, accounting for 50.3% of the total import and export value. The export of electromechanical products increased by 8.7%, accounting for 59.4% of the total exports. In December, the total import and export value of goods was 4.067 trillion yuan, a year-on-year increase of 6.8%. Among them, exports were 2.4099 trillion yuan, an increase of 10.9%; imports were 1.6570 trillion yuan, an increase of 1.3%.

VII. Overall stability in consumer prices, with a slight increase in core CPI

The consumer price index (CPI) for the year increased by 0.2% compared to the previous year. By category, prices of food, tobacco, and alcohol decreased by 0.1%, clothing prices increased by 1.4%, housing prices increased by 0.1%, prices of daily necessities and services increased by 0.5%, transportation and communication prices decreased by 1.9%, education, culture, and entertainment prices increased by 1.5%, healthcare prices increased by 1.3%, and prices of other goods and services increased by 3.8%. Among food, tobacco, and alcohol prices, fresh fruit prices decreased by 3.5%, grain prices decreased by 0.1%, fresh vegetable prices increased by 5.0%, and pork prices increased by 7.7%. The core CPI, excluding food and energy prices, increased by 0.5%. In December, the consumer price index increased by 0.1% year-on-year and remained flat month-on-month. For the year, the producer price index and purchase price index for industrial producers both decreased by 2.2% compared to the previous year; in December, both the producer price index and purchase price index for industrial producers decreased by 2.3% year-on-year and by 0.1% month-on-month.

VIII. Overall stability in employment situation, with a decrease in the urban surveyed unemployment rate The average urban surveyed unemployment rate nationwide for the year was 5.1%, a decrease of 0.1 percentage points from the previous year. In December, the national urban surveyed unemployment rate was 5.1%. The unemployment rate for local registered labor was 5.3%; the unemployment rate for migrant labor was 4.6%, of which the unemployment rate for migrant agricultural labor was 4.5%. The surveyed unemployment rate in 31 major cities was 5.0%. The average weekly working hours for employees in enterprises nationwide was 49.0 hours. The total number of migrant workers for the year was 29.973 million, an increase of 2.2 million from the previous year, a growth of 0.7%. Among them, local migrant workers numbered 12.102 million, an increase of 0.1%; and outgoing migrant workers numbered 17.871 million, an increase of 1.2%.

1. Resident income continues to increase, with rural residents' income growth outpacing urban residents

The per capita disposable income of residents nationwide for the year was 41,314 yuan, a nominal increase of 5.3% from the previous year, with a real increase of 5.1% after deducting price factors. By residence, the per capita disposable income of urban residents was 54,188 yuan, a nominal increase of 4.6% from the previous year, with a real increase of 4.4% after deducting price factors; the per capita disposable income of rural residents was 23,119 yuan, a nominal increase of 6.6% from the previous year, with a real increase of 6.3% after deducting price factors. The median per capita disposable income of residents nationwide was 34,707 yuan, a nominal increase of 5.1% from the previous year. According to the income distribution of residents nationwide into five groups, the per capita disposable income of the low-income group was 9,542 yuan, the lower-middle-income group was 21,608 yuan, the middle-income group was 33,925 yuan, the upper-middle-income group was 53,359 yuan, and the high-income group was 98,809 yuan. The per capita consumption expenditure of residents nationwide for the year was 28,227 yuan, a nominal increase of 5.3% from the previous year, with a real increase of 5.1% after deducting price factors. The proportion of per capita food, tobacco, and alcohol consumption expenditure to total per capita consumption expenditure (Engel's coefficient) was 29.8%, unchanged from the previous year; the per capita service consumption expenditure of residents nationwide increased by 7.4%, accounting for 46.1% of total per capita consumption expenditure, an increase of 0.9 percentage points from the previous year.

1. Total population has decreased, and the urbanization rate continues to rise

At the end of the year, the total population nationwide (including the population of 31 provinces, autonomous regions, municipalities, and active military personnel, excluding residents of Hong Kong, Macau, Taiwan, and foreign personnel living in these areas) was 1.40828 billion, a decrease of 1.39 million from the end of the previous year. The total number of births for the year was 9.54 million, with a birth rate of 6.77‰; the total number of deaths was 10.93 million, with a death rate of 7.76‰; the natural population growth rate was -0.99‰. In terms of gender composition, the male population was 71.909 million, and the female population was 68.919 million, with a total population sex ratio of 104.34 (with females as 100). In terms of age composition, the population aged 16-59 was 85.798 million, accounting for 60.9% of the total population; the population aged 60 and above was 31.031 million, accounting for 22.0% of the total population, of which the population aged 65 and above was 22.023 million, accounting for 15.6% of the total population. In terms of urban and rural composition, the permanent urban population was 94.350 million, an increase of 10.83 million from the end of the previous year; the permanent rural population was 46.478 million, a decrease of 12.22 million; the proportion of the urban population to the total population (urbanization rate) was 67.00%, an increase of 0.84 percentage points from the end of the previous year Overall, the operation of the national economy in 2024 is generally stable, with progress made amid stability, high-quality development being solidly advanced, and Chinese-style modernization taking new solid steps. However, it is also important to recognize that the current changes in the external environment have deepened adverse impacts, domestic demand is insufficient, and some enterprises are facing difficulties in production and operation, with the economy still facing many difficulties and challenges. In the next stage, we must adhere to Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era as our guide, fully implement the spirit of the 20th National Congress of the Communist Party of China and the second and third plenary sessions of the 20th Central Committee, follow the deployment of the Central Economic Work Conference, maintain the general tone of seeking progress while ensuring stability, fully and accurately implement the new development concept, accelerate the construction of a new development pattern, solidly promote high-quality development, further deepen reform and opening up, implement more proactive and effective macro policies, expand domestic demand, promote the integrated development of technological innovation and industrial innovation, stabilize expectations, stimulate vitality, and promote the sustained recovery and improvement of the economy.

This article is compiled from the "National Bureau of Statistics official website"; edited by Huang Xiaodong of Zhitong Finance.