GDP grew by 9.7% in the first quarter; CPI rose by 5.4% in March
Release Time:
2011-05-09 18:38
Source:
China General Chamber of Commerce Office
On April 16, the National Bureau of Statistics announced that the GDP growth rate in the first quarter slightly exceeded market expectations, indicating stable economic operation; however, the Consumer Price Index (CPI) in March rose 5.4% year-on-year, marking a 32-month high, showing that inflationary pressure is increasing; consumption drove economic growth by 5.9%, with domestic demand contributing more to economic growth.
GDP grew by 9.7% in the first quarter. Data shows that the GDP reached 9,631.1 billion yuan in the first quarter, a year-on-year increase of 9.7% at comparable prices. By industry, the primary industry added value was 598 billion yuan, up 3.5%; the secondary industry added value was 4,678.8 billion yuan, up 11.1%; the tertiary industry added value was 4,354.3 billion yuan, up 9.1%. Quarter-on-quarter, GDP grew by 2.1% in the first quarter.
The CPI rose 5.4% in March, hitting a 32-month high, but fell 0.2% month-on-month. In the first quarter, the CPI increased 5.0% year-on-year. Urban areas rose 4.9%, rural areas rose 5.5%. By category, food prices rose 11.0%, tobacco, alcohol and related products rose 2.0%, clothing rose 0.3%, household equipment and maintenance services rose 1.6%, healthcare and personal items rose 3.1%, transportation and communication fell 0.1%, entertainment, education, cultural goods and services rose 0.6%, and housing rose 6.5%.
In the first quarter, the Producer Price Index (PPI) rose 7.1% year-on-year; in March it rose 7.3%, reaching a new high in over two years, with a month-on-month increase of 0.6%. In the first quarter, the purchase price index for industrial producers rose 10.2% year-on-year; in March it rose 10.5%, with a month-on-month increase of 1.0%.
Consumption drove economic growth by 5.9%. Regarding contributions to economic growth, in the first quarter, consumption contributed 60.3% to GDP, driving GDP growth by 5.9 percentage points. Capital formation contributed 44.10% to GDP, driving GDP growth by 4.3 percentage points. Due to a trade deficit, net exports of goods and services contributed negatively 4.4% to GDP, reducing GDP growth by 0.5 percentage points.
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