China's GDP grows 5 pct in 2024

China's gross domestic product (GDP) grew five percent year on year to reach 134.9 trillion yuan in 2024, meeting the annual target of around five percent, official data showed Friday.

In 2024, China's economy witnessed steady progress and major targets, and tasks of economic and social development were achieved successfully, director of the National Bureau of Statistics (NBS) Kang Yi told a press conference in Beijing.

According to preliminary estimates, China’s GDP reached 134.9084 trillion yuan in 2024, an increase of five percent over the previous year at constant prices, said Kang.

Specifically, the added value of the primary industry was 9.1414 trillion yuan, marking a 3.5 percent increase over last year, that of the secondary industry was 49.2087 trillion yuan, growing 5.3 percent, and that of the tertiary industry was 76.5583 trillion yuan, going up by 5.0 percent, according to the NBS data.

Quarterly, the GDP for the first quarter went up by 5.3 percent year on year. The growth rate moderated to 4.7 percent in the second quarter and 4.6 percent in the third quarter before picking up to 5.4 percent in the fourth quarter.

The GDP for the fourth quarter increased by 1.6 percent on a quarterly basis, the NBS data showed.

The total output of grain in 2024 was 706.50 million tons, an increase of 11.09 million tons or 1.6 percent over the previous year.

In 2024, the total added value of industrial enterprises above the designated size increased by 5.8 percent year on year. In terms of sectors, the added value of equipment manufacturing went up by 7.7 percent, and that of high-tech manufacturing up by 8.9 percent, 1.9 percentage points and 3.1 percentage points faster, respectively, than that of the industrial enterprises above the designated size as a whole.

Last year, the service sector registered continued growth with its added value up 5 percent year on year and modern services enjoyed sound development.

In 2024, the total retail sales of consumer goods reached 48.7895 trillion yuan, up 3.5 percent over the previous year, and online sales were active.

The investment in fixed assets scaled up, reaching 51,437.4 billion yuan, up 3.2 percent over the previous year and the investment in high-tech industries grew rapidly by 8.0 percent year on year.

Last year, employment was generally stable, and the urban surveyed unemployment rate went down.

China's GDP grows 5 pct in 2024

China's GDP grows 5 pct in 2024

China's GDP grows 5 pct in 2024

China's GDP grows 5 pct in 2024

Nigeria's fuel market is undergoing a rare shake-up as competition pushes prices lower, bringing relief to local consumers while raising concerns over business durability.

In the capital city of Abuja, the state oil firm Nigerian National Petroleum Company (NNPC) has been selling petrol at about 815 naira per liter (about 0.57 U.S. dollars per liter), down from about 0.66 U.S. dollars per liter earlier in 2026. Other stations supplied by private giant Dangote are offering even lower prices, selling at around 750 naira (about 0.53 U.S. dollars) per liter.

For millions of Nigerians, the drop has been easing pressure on transport, food and daily living costs.

"I spend relatively lower on fuel and, by implication, transportation now than what it used to be," said Salifu Usman, a local resident in Abuja.

"We are happy with what we are seeing, because, of course, for a very long time, we are witnessing the crash down of price, even during festive period," said Jonathan Madaki, another resident.

The price cut has also allowed for higher profit margins for local small business operators, who have long relied on petrol-powered generators to cope with chronic power shortages.

Behind the price cuts is a growing battle for market share. The Nigeria-based Dangote Refinery, the largest in Africa, has boosted domestic supply and slashed its wholesale price to around 700 naira (about 0.49 U.S. dollars) per liter.

The move has forced importers and the state oil company to lower their own prices to stay competitive. But as margins shrink, analysts warn, what now appears to be a price war may not last.

"My own interpretation is that we are going to that stage where, especially those that, if it keeps coming down, I think those that bring in products may find it not so attractive again. So I don't actually see how sustainable this price war, if I may use that term, will be," said energy expert Paul Ogwu.

Nigeria petrol price cuts ease living costs, raise durability concerns