Breaking: China’s Q4 GDP expands 2.9% YoY vs. 1.8% expected
|
Gross Domestic Product (GDP) in the world's second-biggest economy, China, expanded by 2.9% in the September-December quarter year-on-year, official data released by the National Bureau of Statistics (NBS) showed on Tuesday, above the 1.8% consensus forecasts and slowing from the 3.9% pace in the third quarter.
On a quarterly basis, China’s GDP came in at 0% in the fourth quarter vs. an expected 0.8% drop and a 3.9% growth in the previous quarter.
China’s economy grew by 3.0% YoY in 2022.
China’s December Retail Sales YoY, dropped 1.8% vs. -7.8% expected and -5.9% previous while the country’s Industrial Production came in at 1.3% YoY vs. 0.5% estimated and 2.2% prior.
Meanwhile, the Fixed Asset Investment fell to 5.1% YoY in December vs. 5.0% expected and 5.3% last.
Market reaction
The Australian dollar picked up a fresh bid on the upbeat Chinese data release. The AUD/USD pair jumped to fresh daily highs at 0.6978 on the data release before retreating to 0.6971, where it now wavers. The spot is up 0.23% on the day.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.