National Bureau of Statistics: GDP grew 5.4% year-on-year in the first quarter, and the national economy started well

The Zhitong Finance App learned that according to data from the National Bureau of Statistics, according to preliminary accounting, the gross domestic product for the first quarter was 31875.8 billion yuan. At constant prices, the year-on-year increase was 5.4%, and 1.2% month-on-month increase over the fourth quarter of the previous year. By industry, the primary sector added value of 1171.3 billion yuan, an increase of 3.5% over the previous year; the secondary sector added value of 1119.03 billion yuan, an increase of 5.9%; and the tertiary sector added value of 19514.2 billion yuan, an increase of 5.3%.

The original text is as follows:

The national economy started well in the first quarter

(April 16, 2025)

National Bureau of Statistics

In the first quarter, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, departments in all regions earnestly implemented the decisions and arrangements of the Party Central Committee and the State Council, fully and accurately implemented the new development concept, accelerated the construction of a new development pattern, solidly promoted high-quality development, focused on playing a good “combo punch” of macroeconomic policies, continued to release policy effects, production and supply grew rapidly. The cultivation of new quality productivity was accelerated, domestic demand continued to expand, the employment situation was generally stable, and the national economy achieved a good start, and high-quality development headed in a new direction.

According to preliminary accounting, the gross domestic product for the first quarter was 31875.8 billion yuan. At constant prices, the year-on-year increase was 5.4%, and the month-on-month increase was 1.2% over the fourth quarter of the previous year. By industry, the primary sector added value of 1171.3 billion yuan, an increase of 3.5% over the previous year; the secondary sector added value of 1119.03 billion yuan, an increase of 5.9%; and the tertiary sector added value of 19514.2 billion yuan, an increase of 5.3%.

1. The agricultural production situation is relatively good, and the animal husbandry industry is growing steadily

In the first quarter, agricultural (planting) value added increased 4.0% year on year. The area sown for winter wheat has increased steadily and slightly. Overall, growth is relatively good, and spring farming and spring sowing are progressing smoothly and in an orderly manner. According to the National Planting Intent Survey, the intended planting area for rice and corn has increased. In the first quarter, pork, beef, lamb and poultry production was 25.4 million tons, up 2.0% year on year. Among them, pork, beef and poultry production increased by 1.2%, 2.7%, and 5.1% respectively, lamb production decreased by 5.1%; milk production increased 1.7%, and egg production decreased by 0.1%. At the end of the first quarter, 417.31 million pigs were kept, an increase of 2.2% over the previous year; in the first quarter, 19.4.76 million pigs were released, an increase of 0.1%.

2. The growth of industrial production is accelerating, and the equipment manufacturing industry and high-tech manufacturing industry are growing rapidly

In the first quarter, the value added of industries above the national scale increased by 6.5% year-on-year, 0.7 percentage points faster than the full year of the previous year. Looking at the three major categories, the value added of the mining industry increased by 6.2% year on year, the manufacturing industry grew by 7.1%, and the production and supply of electricity, heat, gas and water increased by 1.9%. The value added of the equipment manufacturing industry increased 10.9% year on year, 3.2 percentage points faster than the full year of the previous year; the value added of the high-tech manufacturing industry increased by 9.7%, 0.8 percentage points faster. By type of economy, the value added of state-owned enterprises increased 4.2% year on year; joint-stock enterprises increased 7.2%; foreign-invested enterprises, Hong Kong, Macao and Taiwan grew 4.0%; and private enterprises increased 7.3%. By product, production of new energy vehicles, 3D printing equipment, and industrial robot products increased by 45.4%, 44.9%, and 26.0% year-on-year, respectively. In March, the value added of large-scale industries increased 7.7% year on year, 1.8 percentage points faster than in January-February; 0.44% month-on-month increase. In March, the manufacturing purchasing managers' index was 50.5%, up 0.3 percentage points from the previous month; the expected index of enterprise production and operation activity was 53.8%. In January-February, industrial enterprises above the national scale achieved a total profit of 911 billion yuan, a year-on-year decrease of 0.3%. The decline was 3.0 percentage points narrower than the full year of the previous year.

3. The service industry is growing rapidly, and the modern service industry is growing well

In the first quarter, the value added of the service sector increased by 5.3% year on year, 0.3 percentage points faster than the full year of the previous year. Among them, the added value of information transmission, software and information technology services, leasing and business services, transportation, warehousing and postal services, wholesale and retail industries, and accommodation and catering increased by 10.3%, 10.2%, 7.2%, 5.8%, and 5.1%, respectively. In March, the national service industry production index increased 6.3% year on year, 0.7 percentage points faster than in January-February. Among them, production indices for information transmission, software and information technology services, leasing and business services, wholesale and retail industries, and accommodation and catering increased by 9.9%, 9.3%, 7.7%, and 6.0%, respectively. In January-February, the revenue of large-scale service enterprises increased by 8.2% year-on-year, 1.0 percentage point faster than the full year of the previous year. In March, the index of business activity in the service sector was 50.3%, up 0.3 percentage points from the previous month; the expected index of business activity in the service sector was 57.5%, up 0.6 percentage points. Among them, the index of business activity in industries such as water transportation, air transport, postal services, telecommunications, radio and television, satellite transmission services, and monetary and financial services is in a high boom range of over 55.0%.

4. Market sales growth is picking up, and sales of trade-in related products are growing faster

In the first quarter, retail sales of consumer goods totaled 12467.1 billion yuan, up 4.6% year on year, 1.1 percentage points faster than the full year of the previous year. According to the location of the business unit, retail sales of urban consumer goods amounted to 100.57 billion yuan, an increase of 4.5% over the previous year; retail sales of rural consumer goods amounted to 1661.4 billion yuan, an increase of 4.9%. By type of consumption, retail sales of goods were 11064.4 billion yuan, an increase of 4.6%; food and beverage revenue was 1402.7 billion yuan, an increase of 4.7%. Sales of basic lifestyle products and some upgraded products increased relatively well. Retail sales of grain, oil, food, daily necessities, and sports and entertainment products per unit above the limit increased by 12.2%, 6.8%, and 25.4%, respectively. The consumer goods trade-in policy continued to show results. Retail sales of communications equipment, cultural and office supplies, household appliances and audiovisual equipment, and furniture products increased by 26.9%, 21.7%, 19.3%, and 18.1%, respectively, in units above the limit. Online retail sales nationwide reached 3624.2 billion yuan, an increase of 7.9% over the previous year. Among them, online retail sales of physical goods reached 2994.8 billion yuan, an increase of 5.7%, accounting for 24.0% of total retail sales of social consumer goods. In March, total retail sales of consumer goods increased 5.9% year on year, 1.9 percentage points faster than in January-February; 0.58% month-on-month increase. In the first quarter, retail sales of services increased 5.0% year over year.

5. Investment in fixed assets is rising steadily, and investment in high-tech industries is growing rapidly

In the first quarter, the country's fixed asset investment (excluding rural households) was 10317.4 billion yuan, up 4.2% year on year, 1.0 percentage point faster than the full year of the previous year; after deducting investment in real estate development, the country's fixed asset investment increased by 8.3%. By sector, infrastructure investment increased 5.8% year-on-year, investment in manufacturing increased 9.1%, and investment in real estate development fell 9.9%. The sales area of newly built commercial housing nationwide was 218.69 million square meters, down 3.0% year on year. The decline was 2.1 percentage points narrower than in January-February; sales of newly built commercial housing reached 2079.8 billion yuan, a decrease of 2.1%, and the decline narrowed by 0.5 percentage points. By industry, investment in the primary sector increased by 16.0% year on year, investment in the secondary sector increased by 11.9%, and investment in the tertiary sector increased by 0.1%. Private investment increased by 0.4%; after deducting investment in real estate development, private investment increased by 6.0%. Investment in high-tech industries increased 6.5% year-on-year. Among them, investment in information services, aerospace and equipment manufacturing, computer and office equipment manufacturing, and professional technical services increased by 34.4%, 30.3%, 28.5%, and 26.1%, respectively. In March, fixed asset investment (excluding rural households) increased 0.15% month-on-month.

6. Import and export of goods continues to grow, and the trade structure continues to be optimized

In the first quarter, the total import and export volume of goods was 10301.3 billion yuan, an increase of 1.3% over the previous year. Among them, exports amounted to 6131.4 billion yuan, an increase of 6.9%; imports amounted to 41.7 billion yuan, a decrease of 6.0%. Private enterprise imports and exports increased by 5.8%, accounting for 56.8% of total imports and exports, an increase of 2.4 percentage points over the same period last year. Exports of mechanical and electrical products increased by 8.7%. In March, the total import and export volume was 3766.3 billion yuan, an increase of 6.0% over the previous year. Among them, exports amounted to 2251.5 billion yuan, an increase of 13.5%; imports amounted to 1514.8 billion yuan, a decrease of 3.5%.

7. Consumer prices are basically stable, while prices for industrial producers have declined

In the first quarter, the national consumer price (CPI) fell 0.1% year on year. By category, the price of food, tobacco and alcohol fell 0.7%, the price of clothing rose 1.2%, the price of housing rose 0.1%, the price of household goods and services fell 0.4%, the price of transportation and communication fell 1.9%, the price of education, culture and entertainment rose 0.7%, the price of health care rose 0.3%, and the price of other goods and services rose 6.0%. Among food, tobacco and alcohol prices, the price of fresh vegetables decreased by 5.9%, the price of food decreased by 1.4%, the price of fresh fruit decreased by 0.1%, and the price of pork increased by 8.1%. After deducting food and energy prices, the core CPI rose 0.3% year over year. In March, consumer prices across the country fell 0.1% year on year. The decline was 0.6 percentage points narrower than the previous month; it fell 0.4% month on month.

In the first quarter, the ex-factory prices of industrial producers across the country fell 2.3% year on year. Among them, the year-on-year decline in March was 2.5%, and the month-on-month decrease was 0.4%. In the first quarter, the purchase price of industrial producers fell 2.3% year on year. Among them, the year-on-year decline in March was 2.4%, and the month-on-month decrease was 0.2%.

8. The employment situation is generally stable, and the urban survey unemployment rate has declined steadily to a slight extent

In the first quarter, the average unemployment rate in the national urban survey was 5.3%. In March, the unemployment rate in the national urban survey was 5.2 percent, down 0.2 percentage points from the previous month. The unemployment rate in the local household registration labor force survey was 5.3%; the unemployment rate in the foreign household registration labor survey was 4.9%, of which the unemployment rate in the foreign agricultural household registration labor survey was 5.0%. The unemployment rate in the urban survey of the 31 major cities was 5.2 per cent. The average weekly working time of employees in enterprises across the country is 48.5 hours. At the end of the first quarter, the total number of rural laborers working outside the home was 187.95 million, an increase of 1.1% over the previous year.

9. The income of residents is growing steadily, and the income of rural residents is growing faster than that of urban residents

In the first quarter, the country's per capita disposable income was 12,179 yuan, a year-on-year increase of 5.5% in nominal terms. Excluding price factors, the actual increase was 5.6%. According to the place of permanent residence, the per capita disposable income of urban residents was 15,887 yuan, a year-on-year increase of 4.9%, an actual increase of 5.0%; the per capita disposable income of rural residents was 7003 yuan, a nominal increase of 6.2% over the previous year, and an actual increase of 6.5%. In terms of revenue sources, per capita wage income, net operating income, net property income, and net transfer income of the country's residents increased nominally by 5.9%, 5.7%, 2.7%, and 5.5%, respectively. The country's median per capita disposable income was 9,939 yuan, an increase of 5.0% over the previous year in nominal terms.

Overall, in the first quarter, as various macroeconomic policies continued to gain strength and effectiveness, the national economy started smoothly and started well. The upward trend continued to improve, the leading role of innovation increased, and new momentum for development was cultivated and expanded at an accelerated pace. However, it is also important to note that the current external environment is becoming more complex and severe, the momentum for effective domestic demand growth is insufficient, and the foundation for continued economic recovery and improvement still needs to be consolidated. In the next stage, we must adhere to Xi Jinping's ideology of socialism with Chinese characteristics in the new era, resolutely implement the decisions and arrangements of the Party Central Committee and the State Council, adhere to the general tone of steady progress, fully and accurately implement the new development concept, accelerate the construction of a new development pattern, solidly promote high-quality development, implement more active and promising macroeconomic policies, expand and strengthen the domestic cycle, fully stimulate the vitality of various business entities, and actively respond to the uncertainty of the external environment.

This article was selected from the official website of the National Bureau of Statistics; Zhitong Finance Editor: Li Fu.