According to preliminary accounting, the gross domestic product for the full year of 2024 was 134,908.4 billion yuan, an increase of 5.0% over the previous year at constant prices.
In 2024, facing the complex and serious situation of increasing external pressure and internal difficulties, under the strong leadership of the CPC Central Committee with Comrade **** at the core, departments in all regions thoroughly implemented the decisions and arrangements of the Party Central Committee and the State Council, adhered to the general tone of steady progress, completely, accurately and comprehensively implemented the new development concept, accelerated the construction of a new development pattern, and solidly promoted high-quality development. The overall operation of the national economy was stable, steady and progressive. New progress was made in high-quality development, especially the timely deployment and introduction of a package of incremental policies to promote an effective boost in social confidence and a clear recovery in economic development. The target task was successfully completed.
According to preliminary accounting, the annual gross domestic product was 134,908.4 billion yuan, an increase of 5.0% over the previous year at constant prices. By industry, the value added of the primary sector was 9141.4 billion yuan, an increase of 3.5% over the previous year; the value added of the secondary sector was 49,208.7 billion yuan, an increase of 5.3%; and the value added of the tertiary sector was 76,558.3 billion yuan, an increase of 5.0%. On a quarterly basis, GDP grew 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 month-on-month basis, the gross domestic product grew by 1.6% in the fourth quarter.
1. Grain production has reached a new level, and animal husbandry production is growing steadily
The country's total annual grain output was 706.5 million tons, an increase of 11.09 million tons over the previous year, an increase of 1.6%. Among them, summer grain production was 149.89 million tons, an increase of 2.6%; early rice production was 28.17 million tons, a decrease of 0.6%; and autumn grain production was 528.43 million tons, an increase of 1.4%. By variety, wheat production was 140.1 million tons, an increase of 2.6%; corn production was 294.92 million tons, an increase of 2.1%; rice production was 207.53 million tons, an increase of 0.5%; and soybean production was 20.65 million tons, a decrease of 0.9%. Annual pork, beef, lamb and poultry production was 96.63 million tons, an increase of 0.2% over 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%; lamb production was 5.18 million tons, a decrease of 2.5%; and poultry production was 26.6 million tons, an increase of 3.8%. Milk production was 40.79 million tons, a decrease of 2.8%; egg production was 35.88 million tons, an increase of 0.7%. The annual number of pigs released was 702.56 million, a decrease of 3.3%; at the end of the year, 427.43 million pigs were kept, a decrease of 1.6%.
2. Industrial production is growing well, and the equipment manufacturing industry and high-tech manufacturing industry are growing faster
The annual value added of industries above the national scale increased by 5.8% over the previous year. Looking at the three major categories, the value added of the mining industry increased by 3.1%, the manufacturing industry grew by 6.1%, and the production and supply of electricity, heat, gas and water increased by 5.3%. The value added of the equipment manufacturing industry increased by 7.7%, and the value added of the high-tech manufacturing industry increased by 8.9%. The growth rate was 1.9 and 3.1 percentage points faster than large-scale industries, respectively. By type of economy, the value added of state-owned enterprises increased by 4.2%; joint-stock enterprises increased by 6.1%; foreign-invested enterprises, Hong Kong, Macao and Taiwan grew by 4.0%; and private enterprises increased by 5.3%. By product, production of new energy vehicles, integrated circuits, and industrial robot products increased by 38.7%, 22.2%, and 14.2%, respectively. In the fourth quarter, the value added of large-scale industries increased by 5.7% year-on-year. In December, the value added of large-scale industries increased 6.2% year-on-year and 0.64% month-on-month. From January to November, industrial enterprises above the national scale achieved a total profit of 6667.5 billion yuan, a year-on-year decrease of 4.7%.
3. The service industry continues to grow, and the modern service industry is developing well
The annual value added of the service sector increased by 5.0% over the previous year. Among them, the value added 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%, 5.6%, and 5.5%, respectively. In the fourth quarter, the value added of the service sector increased by 5.8% year-on-year. In December, the service industry production index increased 6.5% year on year; among them, leasing and business services, finance, information transmission, software and information technology services, and transportation, warehousing and postal services increased 9.5%, 9.3%, 8.8%, and 8.3%, respectively. From January to November, the revenue of large-scale service enterprises increased by 8.2% year-on-year. Among them, the revenue of enterprises in 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.
4. Market sales continue to grow, and online retail is more active
The total retail sales of consumer goods for the year was 48,789.5 billion yuan, an increase of 3.5% over the previous year. According to the location of the business unit, retail sales of urban consumer goods were 42116.6 billion yuan, an increase of 3.4%; retail sales of rural consumer goods were 6672.9 billion yuan, an increase of 4.3%. By type of consumption, retail sales of goods were 43217.7 billion yuan, an increase of 3.2%; food and beverage revenue was 5571.8 billion yuan, an increase of 5.3%. Sales of basic lifestyle products and some upgraded products increased relatively well. Retail sales of household appliances, audio and video equipment, sports and entertainment products, communication equipment, and food products in units above the annual limit increased by 12.3%, 11.1%, 9.9%, and 9.9%, respectively. Online retail sales nationwide reached 15522.5 billion yuan, an increase of 7.2% over the previous year. Among them, online retail sales of physical goods amounted to 130,81.6 billion yuan, an increase of 6.5%, accounting for 26.8% of total retail sales of social consumer goods. In the fourth quarter, total retail sales of consumer goods increased by 3.8% year-on-year. In December, total retail sales of consumer goods increased 3.7% year on year and 0.12% month on month. The annual retail sales of services increased by 6.2% over the previous year.
5. The scale of fixed asset investment is expanding, and investment in high-tech industries is growing faster
The annual national fixed asset investment (excluding rural households) was 51437.4 billion yuan, an increase of 3.2% over the previous year; after deducting investment in real estate development, the national fixed asset investment increased by 7.2%. By sector, investment in infrastructure increased by 4.4%, investment in manufacturing increased by 9.2%, and investment in real estate development decreased by 10.6%. The sales area of newly built commercial housing nationwide was 973.85 million square meters, a decrease of 12.9%; sales of newly built commercial housing amounted to 9675 billion yuan, a decrease of 17.1%. By industry, investment in the primary sector increased by 2.6%, investment in the secondary sector increased by 12.0%, and investment in the tertiary sector decreased by 1.1%. Private investment declined by 0.1%; after deducting investment in real estate development, private investment increased by 6.0%. Investment in high-tech industries increased by 8.0%, with investment in high-tech manufacturing and high-tech services growing by 7.0% and 10.2% respectively. In the high-tech manufacturing industry, investment in aviation, spacecraft and equipment manufacturing, and computer and office equipment manufacturing increased by 39.5% and 7.1% respectively; in the high-tech service industry, investment in professional technical services and services for transforming scientific and technological achievements increased by 30.3% and 11.4% respectively. In December, fixed asset investment (excluding rural households) increased 0.33% month-on-month.
6. Import and export of goods are growing rapidly, and the trade structure continues to be optimized
The total import and export volume of goods for the year was 4,3846.8 billion yuan, an increase of 5.0% over the previous year. Among them, exports amounted to 25454.5 billion yuan, an increase of 7.1%; imports amounted to 18392.3 billion yuan, an increase of 2.3%. Imports and exports to the “Belt and Road” countries increased by 6.4%, accounting for 50.3% of total imports and exports. Exports of mechanical and electrical products increased by 8.7%, accounting for 59.4% of total exports. In December, the total import and export volume of goods was 4,067 billion yuan, up 6.8% year on year. Among them, exports amounted to 2409.9 billion yuan, an increase of 10.9%; imports amounted to 1,657 billion yuan, an increase of 1.3%.
7. Consumer prices are generally stable, and core CPI has risen slightly
The annual consumer price (CPI) rose 0.2% from the previous year. By category, the price of food, tobacco and alcohol fell 0.1%, the price of clothing rose 1.4%, the price of housing rose 0.1%, the price of household goods and services rose 0.5%, the price of transportation and communication fell 1.9%, the price of education, culture and entertainment rose 1.5%, the price of health care rose 1.3%, and the price of other goods and services rose 3.8%. Among food, tobacco and alcohol prices, the price of fresh fruit fell by 3.5%, the price of food decreased by 0.1%, the price of fresh vegetables increased by 5.0%, and the price of pork increased by 7.7%. After deducting food and energy prices, the core CPI rose 0.5%. In December, consumer prices rose 0.1% year on year and remained flat month on month. For the whole year, the ex-factory price and purchase price of industrial producers decreased by an average of 2.2% compared to the previous year; in December, the ex-factory price and purchase price of industrial producers both fell 2.3% year on year, and both fell 0.1% month on month.
8. The employment situation is generally stable, and the urban survey unemployment rate has declined
The average unemployment rate in the annual national urban survey was 5.1%, down 0.1 percentage points from the previous year. In December, the unemployment rate in the national urban survey was 5.1%. 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 4.6%, of which the unemployment rate in the foreign agricultural household registration labor survey was 4.5%. The unemployment rate in the urban survey of 31 major cities was 5.0%. The average weekly working hours of employees in enterprises across the country are 49.0 hours. The total number of migrant workers for the whole year was 299.73 million, an increase of 2.2 million over the previous year, an increase of 0.7%. Among them, the number of local migrant workers was 121.02 million, an increase of 0.1%; the number of migrant migrant workers who went abroad was 178.71 million, an increase of 1.2%.
9. Residents' income continues to rise, and the income of rural residents is growing faster than in urban areas
The annual per capita disposable income of the country's residents was 41,314 yuan, a nominal increase of 5.3% over the previous year. Excluding price factors, the actual increase was 5.1%. According to the place of permanent residence, the per capita disposable income of urban residents was 54,188 yuan, a nominal increase of 4.6% over the previous year, and an actual 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% over the previous year, and an actual increase of 6.3% after deducting price factors. The country's median per capita disposable income was 34,707 yuan, a nominal increase of 5.1% over the previous year. According to the five equal income groups of national residents, the per capita disposable income of the low income group is 9542 yuan, the lower middle income group is 2,1608 yuan, the middle income group is 33,925 yuan, the upper middle income group is 53,359 yuan, and the high income group is 98,809 yuan. The annual per capita consumption expenditure of the country's residents was 28,227 yuan, a nominal increase of 5.3% over the previous year. Excluding price factors, the actual increase was 5.1%. The country's per capita consumption expenditure on food, tobacco and alcohol accounts for 29.8% of the per capita consumption expenditure (Engel coefficient), which is the same as the previous year; the country's per capita consumption expenditure on services increased by 7.4%, accounting for 46.1% of per capita consumption expenditure, an increase of 0.9 percentage points over the previous year.
10. The total population has decreased, and the rate of urbanization continues to rise
At the end of the year, the national population (including the population of 31 provinces, autonomous regions, municipalities directly under the Central Government and active military personnel, excluding Hong Kong, Macao and Taiwan residents and foreigners living in 31 provinces, autonomous regions, and municipalities directly under the Central Government) was 1408.28 million, a decrease of 1.39 million from the end of the previous year. The annual number of births was 9.54 million, and the birth rate was 6.77 per 1,000; the death rate was 10.93 million, and the population death rate was 7.76 per 1,000; the natural population growth rate was -0.99 per 1,000. In terms of gender composition, the male population is 719.09 million, the female population is 689.19 million, and the total population gender ratio is 104.34 (100 women). In terms of age composition, the population aged 16 to 59 is 857.98 million, accounting for 60.9% of the country's population; the population aged 60 and above is 310.31 million, accounting for 22.0% of the country's population, of which 220.23 million people aged 65 and above account for 15.6% of the country's population. Looking at the composition of urban and rural areas, the urban resident population was 943.5 million, an increase of 10.83 million over the end of the previous year; the rural resident population was 464.78 million, a decrease of 12.22 million; the proportion of the urban population in the country (urbanization rate) was 67.00%, an increase of 0.84 percentage points over the end of the previous year.
Overall, in 2024, the national economy is running smoothly, steadily, and progressing, high-quality development is progressing steadily, and Chinese-style modernization has taken a new solid step. However, it should also be noted that the adverse effects of current changes in the external environment have deepened, domestic demand is insufficient, production and operation of some enterprises are difficult, and economic operations are still facing many difficulties and challenges. In the next stage, we must adhere to ****'s ideology of socialism with Chinese characteristics in the new era, fully implement the spirit of the 20th National Congress and the Second and Third Plenums of the 20th CPC Central Committee, adhere to the general tone of steady progress, completely, accurately and comprehensively 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 active and promising macroeconomic policies, expand domestic demand, promote the integrated development of scientific and technological innovation and industrial innovation, stabilize expectations, stimulate vitality, and push the economy to continue to improve.
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