China's Q1 GDP growth driven by 73.7% domestic consumption, with car sales up 10.6% and service spending up 12.7%.
China's economy saw a significant boost from domestic consumption in Q1, contributing 73.7% to the GDP growth. Chinese consumers spent more on big-ticket items and services, with new car sales reaching 6.72 million units (+10.6% YoY) and service spending increasing by 12.7% YoY. This reflects China's steady shift towards a consumption-driven economy, as the country's GDP expanded 5.3% YoY during the same period.
April 19, 2024
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