China's Industrial Output Up 6.1 Pct In Q1
Sumaira FH Published April 16, 2024 | 12:50 PM
BEIJING, (UrduPoint / Pakistan Point News - 16th Apr, 2024) China's value-added industrial output, an important economic indicator, went up 6.1 percent year on year in the first quarter of this year, data from the National Bureau of Statistics (NBS) showed Tuesday.
By category, output of the manufacturing sector grew by 6.7 percent. The high-tech manufacturing sector registered a growth of 7.5 percent, accelerating by 2.6 percentage points from the fourth quarter of 2023.
In March, the value-added industrial output increased by 4.5 percent year on year.
From January to February, major industrial enterprises nationwide realized total profits of 914.1 billion Yuan (about 128.7 billion U.S. Dollars), up 10.2 percent year on year.
The industrial output is used to measure the activity of enterprises each with an annual main business turnover of at least 20 million yuan.
Tuesday's data also showed that China's gross domestic product grew 5.
3 percent year on year in the first quarter of the year.
GDP growth of 5.3 percent in the first quarter was mainly driven by a rebound in the industrial sector and an improvement in the service sector, said NBS deputy head Sheng Laiyun.
Sheng attributed the better-than-expected industrial growth in the first quarter to factors including policy-driven increase in business confidence and positive changes in both domestic and external demand.
The central government introduced large-scale policies on equipment renewal and reconstruction and consumer goods trade-in, which to some extent also boosted business confidence, prompting some enterprises to schedule production in advance, he told a news conference.
Major high-tech manufacturing industry in the first quarter pulled the value-added industrial output by 1.1 percentage points, he said, highlighting the role of new growth momentum and new industries.
Recent Stories
Wembanyama in France: NBA Spurs to play Pacers in Paris in January
Russian missile kills two in Ukraine's Odesa: governor
Dutch Embassy celebrates King Willem-Alexander's birthday
Need of concrete steps stressed for safe, nutritious milk availability
Scotland's leader Yousaf quits after a year
Services of GDA Pakistan China Friendship Hospital launched
Mining giants Vale, BHP propose $25 bn settlement over Brazil dam collapse
Georgia ruling party stages mass rally to counter protests
Bayern ready for 'extraordinary' Bellingham, says Tuchel
PTI leaders get interim bail
Tennis: ATP/WTA Madrid Open results - 2nd update
French actor Depardieu released after sexual assault questioning
More Stories From Business
-
Aramco acquires 40% shares in Go Petroleum
3 hours ago -
US stocks rise on tech outlook as yen rebounds
5 hours ago -
Philips settles US sleep machine cases for $1.1 billion
6 hours ago -
G7 eyes possible end date for coal-fired power plants
6 hours ago -
Continuing tight monetary stance SBP maintains policy rate at 22%
7 hours ago -
BankIslami achieves remarkable financial results of Rs 6.3 Billion
7 hours ago
-
FM Dar meets Saudi Energy Minister
7 hours ago -
Punjab to unveil comprehensive initiatives in upcoming budget: Minister
7 hours ago -
Agri experts stress quality seed at farm level to overcome food insecurity
7 hours ago -
US stocks rise on tech outlook as yen rebounds
7 hours ago -
PSMA refutes news about ban on sugar export
7 hours ago -
SBP decides to keep policy rate unchanged at 22 per cent
8 hours ago