China achieved growth exceeding forecasts in the first quarter

(Patria) - The Chinese economy grew far more than expected in the first quarter of 2024, data showed on Tuesday, AFP reported.

Beijing has set a growth target of around five percent for this year, a goal that officials admitted last month would "not be easy" and which analysts say is ambitious given the obstacles the country faces.

For the January-March period, gross domestic product rose 5.3 percent, compared to 5.2 in the previous quarter, the National Bureau of Statistics announced. The figures significantly exceeded analysts' expectations, with those compiled by Bloomberg estimating 4.8 percent.

"The national economy has maintained a good momentum of recovery," the NBS stated, calling it a "good start".