It did so thanks to a last quarter in which growth surprised on the upside, reaching 5,4% of the GPD, which represents a significant acceleration compared to the 4,6% and 4,7% growth in the second and third quarters, respectively. To the relief of the Politburo, this meant that the year ended with exactly 5% growth, as had been set by the authorities.
However, the fact that the official target was met in such a precise manner has renewed suspicions that the real growth figure is probably much lower. Moreover, even the official figures indicate that domestic demand is still being weighed down by the housing crisis. Retail sales rose slightly to 3,7% in the quarter, but the rebound was again driven by industrial production and the exports which have grown by around 6% last year. High-tech manufacturing sectors, including electric vehicles, integrated circuits and industrial robots, have seen particularly rapid growth in recent months.
Youth unemployment fell for the fourth consecutive month, to 15,7%, but is still more than three times higher than total unemployment, which barely changed at 5,1%. This means that despite the upturn in growth, pressure remains high on the authorities to implement the stimulus plans announced in recent months.
Source: CESCE
Any questions about this news?
Talk to Coexia, the AI of the foreign trade
International business service providers
Gedeth Network
Gedeth Network is a consultancy specializing in international growth that supports companies…read more...
inAtlas
inAtlas inAtlas, part of INFORMA D&B (Cesce Group), is a technology company specialized in geomarketing…read more...
Demos Global Group
Demos Global Group is a consultancy with over 27 years of experience…read more...