National Bureau of Statistics: In the first quarter, the GDP grew by 5.4% year-on-year, indicating a good start for the national economy

According to the National Bureau of Statistics, preliminary calculations show that the gross domestic product (GDP) in the first quarter was 31.8758 trillion yuan, a year-on-year increase of 5.4% at constant prices, and a quarter-on-quarter increase of 1.2% compared to the fourth quarter of the previous year. By industry, the value added of the primary industry was 1.1713 trillion yuan, a year-on-year increase of 3.5%; the value added of the secondary industry was 11.1903 trillion yuan, an increase of 5.9%; the value added of the tertiary industry was 19.5142 trillion yuan, an increase of 5.3%.

Original text 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 Party Central Committee with Comrade Xi Jinping at its core, all regions and departments earnestly implemented the decisions and deployments of the Party Central Committee and the State Council, adhered to the general principle of seeking progress while maintaining stability, fully and accurately implemented the new development concept, accelerated the construction of a new development pattern, solidly promoted high-quality development, focused on effectively implementing a "combination punch" of macro policies, continuously released policy effects, achieved rapid growth in production supply, accelerated the cultivation of new productive forces, expanded domestic demand, maintained overall stability in employment, and achieved a good start for the national economy, with high-quality development moving in a new and positive direction.

Preliminary calculations show that the gross domestic product (GDP) in the first quarter was 31.8758 trillion yuan, a year-on-year increase of 5.4% at constant prices, and a quarter-on-quarter increase of 1.2% compared to the fourth quarter of the previous year. By industry, the value added of the primary industry was 1.1713 trillion yuan, a year-on-year increase of 3.5%; the value added of the secondary industry was 11.1903 trillion yuan, an increase of 5.9%; the value added of the tertiary industry was 19.5142 trillion yuan, an increase of 5.3%.

I. Agricultural production is relatively good, and livestock farming is steadily growing

In the first quarter, the value added of agriculture (planting industry) increased by 4.0% year-on-year. The planting area of winter wheat remained stable with a slight increase, and the growth was generally good, with spring plowing and sowing progressing smoothly and orderly. According to the national planting intention survey, the intended planting area for rice and corn has increased. In the first quarter, the production of pork, beef, mutton, and poultry meat was 25.4 million tons, a year-on-year increase of 2.0%, with pork, beef, and poultry meat production increasing by 1.2%, 2.7%, and 5.1% respectively, while mutton production decreased by 5.1%; milk production increased by 1.7%, and egg production decreased by 0.1%. At the end of the first quarter, the number of live pigs was 417.31 million, a year-on-year increase of 2.2%; in the first quarter, the number of live pigs slaughtered was 194.76 million, an increase of 0.1%.

II. Industrial production growth accelerated, with rapid growth in equipment manufacturing and high-tech manufacturing

In the first quarter, the value added of industrial enterprises above designated size nationwide increased by 6.5% year-on-year, accelerating by 0.7 percentage points compared to the previous year. By the three major categories, the value added of the mining industry increased by 6.2% year-on-year, manufacturing increased by 7.1%, and the production and supply of electricity, heat, gas, and water increased by 1.9%. The value added of equipment manufacturing increased by 10.9% year-on-year, accelerating by 3.2 percentage points compared to the previous year; the value added of high-tech manufacturing increased by 9.7%, accelerating by 0.8 percentage points. By type of economy, the value added of state-controlled enterprises increased by 4.2% year-on-year; joint-stock enterprises increased by 7.2%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises increased by 4.0%; private enterprises increased by 7.3%. By product, the production of new energy vehicles, 3D printing equipment, and industrial robots increased by 45.4%, 44.9%, and 26.0% year-on-year, respectively In March, the added value of industrial enterprises above designated size increased by 7.7% year-on-year, accelerating by 1.8 percentage points compared to January-February; it grew by 0.44% month-on-month. In March, the manufacturing Purchasing Managers' Index was 50.5%, up 0.3 percentage points from the previous month; the business activity expectation index for enterprises was 53.8%. In January-February, the total profit of industrial enterprises above designated size nationwide was 911 billion yuan, a year-on-year decrease of 0.3%, with the decline narrowing by 3.0 percentage points compared to the entire previous year.

III. Rapid Growth in the Service Sector, Good Momentum in Modern Services

In the first quarter, the added value of the service sector increased by 5.3% year-on-year, accelerating by 0.3 percentage points compared to the entire 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, accommodation and catering increased by 10.3%, 10.2%, 7.2%, 5.8%, and 5.1%, respectively. In March, the national service production index increased by 6.3% year-on-year, accelerating by 0.7 percentage points compared to January-February. Among them, the production index for information transmission, software and information technology services, leasing and business services, wholesale and retail, accommodation and catering increased by 9.9%, 9.3%, 7.7%, and 6.0%, respectively. In January-February, the operating income of service enterprises above designated size increased by 8.2% year-on-year, accelerating by 1.0 percentage points compared to the entire previous year. In March, the business activity index for the service sector was 50.3%, up 0.3 percentage points from the previous month; the business activity expectation index for the service sector was 57.5%, up 0.6 percentage points. Among them, the business activity index for industries such as water transportation, air transportation, postal services, telecommunications broadcasting and television, satellite transmission services, and monetary financial services was in a high prosperity range above 55.0%.

IV. Market Sales Growth Rebounds, Rapid Growth in Sales of Trade-in Related Products

In the first quarter, the total retail sales of consumer goods reached 12,467.1 billion yuan, a year-on-year increase of 4.6%, accelerating by 1.1 percentage points compared to the entire previous year. By the location of the operating units, urban retail sales of consumer goods were 10,805.7 billion yuan, a year-on-year increase of 4.5%; rural retail sales of consumer goods were 1,661.4 billion yuan, an increase of 4.9%. By consumption type, retail sales of goods were 11,064.4 billion yuan, an increase of 4.6%; catering revenue was 1,402.7 billion yuan, an increase of 4.7%. Sales of basic living goods and some upgraded goods showed good momentum, with retail sales of grain and oil food, daily necessities, and sports and entertainment products above designated size increasing by 12.2%, 6.8%, and 25.4%, respectively. The trade-in policy for consumer goods continued to show results, with retail sales of communication equipment, cultural and office supplies, household appliances and audio-visual equipment, and furniture above designated size increasing by 26.9%, 21.7%, 19.3%, and 18.1%, respectively. The national online retail sales reached 3,624.2 billion yuan, a year-on-year increase of 7.9%. Among them, online retail sales of physical goods were 2,994.8 billion yuan, an increase of 5.7%, accounting for 24.0% of the total retail sales of consumer goods. In March, the total retail sales of consumer goods increased by 5.9% year-on-year, accelerating by 1.9 percentage points compared to January-February; it grew by 0.58% month-on-month. In the first quarter, service retail sales increased by 5.0% year-on-year V. Fixed asset investment remains stable with an upward trend, and investment in high-tech industries grows rapidly

In the first quarter, national fixed asset investment (excluding rural households) reached 1,031.74 billion yuan, a year-on-year increase of 4.2%, accelerating by 1.0 percentage points compared to the entire previous year; excluding real estate development investment, national fixed asset investment grew by 8.3%. By sector, infrastructure investment increased by 5.8% year-on-year, manufacturing investment grew by 9.1%, and real estate development investment decreased by 9.9%. The sales area of newly built commercial housing nationwide was 21.869 million square meters, a year-on-year decrease of 3.0%, with the decline narrowing by 2.1 percentage points compared to January-February; the sales amount of newly built commercial housing was 207.98 billion yuan, down 2.1%, with the decline narrowing by 0.5 percentage points. By industry, investment in the primary industry increased by 16.0% year-on-year, investment in the secondary industry grew by 11.9%, and investment in the tertiary industry increased by 0.1%. Private investment grew by 0.4%; excluding real estate development investment, private investment increased by 6.0%. Investment in high-tech industries grew by 6.5% year-on-year, with information services, aerospace and equipment manufacturing, computer and office equipment manufacturing, and professional technical services investment increasing by 34.4%, 30.3%, 28.5%, and 26.1%, respectively. In March, fixed asset investment (excluding rural households) increased by 0.15% month-on-month.

VI. Goods import and export maintain growth, trade structure continues to optimize

In the first quarter, the total value of goods import and export reached 1,030.13 billion yuan, a year-on-year increase of 1.3%. Among them, exports were 613.14 billion yuan, an increase of 6.9%; imports were 417.00 billion yuan, a decrease of 6.0%. Private enterprises' import and export grew by 5.8%, accounting for 56.8% of the total import and export value, an increase of 2.4 percentage points compared to the same period last year. The export of electromechanical products increased by 8.7%. In March, the total import and export value was 376.63 billion yuan, a year-on-year increase of 6.0%. Among them, exports were 225.15 billion yuan, an increase of 13.5%; imports were 151.48 billion yuan, a decrease of 3.5%.

VII. Resident consumer prices remain basically stable, industrial producer prices decline

In the first quarter, the national consumer price index (CPI) decreased by 0.1% year-on-year. By category, prices of food, tobacco, and alcohol decreased by 0.7%, clothing prices increased by 1.2%, housing prices increased by 0.1%, prices of daily necessities and services decreased by 0.4%, transportation and communication prices decreased by 1.9%, education, culture, and entertainment prices increased by 0.7%, healthcare prices increased by 0.3%, and prices of other goods and services increased by 6.0%. Among food, tobacco, and alcohol prices, fresh vegetable prices decreased by 5.9%, grain prices decreased by 1.4%, fresh fruit prices decreased by 0.1%, and pork prices increased by 8.1%. The core CPI, excluding food and energy prices, increased by 0.3% year-on-year. In March, the national consumer price index decreased by 0.1% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month; month-on-month, it decreased by 0.4%.

In the first quarter, the national industrial producer price index decreased by 2.3% year-on-year. Among them, in March, it decreased by 2.5% year-on-year and by 0.4% month-on-month. In the first quarter, the industrial producer purchase price index decreased by 2.3% year-on-year. Among them, in March, it decreased by 2.4% year-on-year and by 0.2% month-on-month 8. Employment situation overall stable, urban survey unemployment rate slightly decreased

In the first quarter, the national urban survey unemployment rate averaged 5.3%. In March, the national urban survey unemployment rate was 5.2%, a decrease of 0.2 percentage points from the previous month. The unemployment rate for local registered labor was 5.3%; the unemployment rate for migrant labor was 4.9%, among which the unemployment rate for migrant agricultural labor was 5.0%. The urban survey unemployment rate in 31 major cities was 5.2%. The average weekly working hours for employed persons in enterprises nationwide was 48.5 hours. By the end of the first quarter, the total number of rural laborers working outside their hometowns was 18.795 million, a year-on-year increase of 1.1%.

9. Resident income grows steadily, rural residents' income growth outpaces urban residents

In the first quarter, the national per capita disposable income was 12,179 yuan, a nominal year-on-year increase of 5.5%, and a real increase of 5.6% after deducting price factors. By residence, the per capita disposable income of urban residents was 15,887 yuan, a nominal year-on-year increase of 4.9%, and a real increase of 5.0%; the per capita disposable income of rural residents was 7,003 yuan, a nominal year-on-year increase of 6.2%, and a real increase of 6.5%. In terms of income sources, the national per capita wage income, net operating income, net property income, and net transfer income increased nominally by 5.9%, 5.7%, 2.7%, and 5.5%, respectively. The median per capita disposable income of residents nationwide was 9,939 yuan, a nominal year-on-year increase of 5.0%.

Overall, in the first quarter, as various macro policies continued to take effect, the national economy started smoothly and had a good beginning, maintaining a trend of recovery and improvement, with an enhanced role of innovation and accelerated cultivation of new development momentum. However, it is also necessary to recognize that the current external environment is becoming more complex and severe, and the domestic effective demand growth momentum is insufficient, requiring consolidation of the foundation for sustained economic recovery. In the next stage, we must adhere to Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era as guidance, resolutely implement the decisions and deployments of the Party Central Committee and the State Council, maintain the general tone of seeking progress while ensuring stability, fully and accurately implement the new development concept, accelerate the construction of a new development pattern, solidly promote high-quality development, implement more proactive and effective macro policies, strengthen the domestic major circulation, fully stimulate the vitality of various business entities, actively respond to external environmental uncertainties, and promote stable and progressive economic operation.

This article is selected from: National Bureau of Statistics official website; Edited by Zhitong Finance: Li Fo