BEIJING, Jan. 17: China’s gross domestic product (GDP) posted a growth of 5.2 per cent year on year in 2023, higher than the annual target of around 5 per cent, data from the National Bureau of Statistics (NBS) showed Wednesday.

The country’s GDP reached a record of 126.06 trillion yuan (about 17.71 trillion U.S. dollars) in 2023, the NBS data showed.

Despite external pressure and internal difficulties, China has successfully achieved the major targets set for 2023 and recorded a rebound and improvements in the economy, Kang Yi, head of the NBS, told a press conference.

He also cautioned that economic growth still faces difficulties and challenges as the external environment has become more complex and severe with increased uncertainties.

In the fourth quarter, the Chinese economy expanded 5.2 per cent year on year, and the country’s economy grew 1 per cent quarter on quarter, according to the NBS.

China’s value-added industrial output, an important economic indicator, went up 4.6 per cent year on year in 2023, NBS data showed.

Fixed-asset investment went up 3 per cent in 2023, while retail sales of consumer goods, a major indicator of the country’s consumption strength, climbed 7.2 per cent year on year.