China misses fourth-quarter GDP estimates, resumes posting youth unemployment data
China’s economy grew 5.2% in 2023, officials said Wednesday, as they resumed reporting the unemployment rate for young people.
BEIJING — China missed fourth-quarter GDP estimates on Wednesday, while it resumed reporting the unemployment rate for young people.
The National Bureau of Statistics said that excluding people still in school, the unemployment rate for young people ages 16 to 24 was 14.9%, while the unemployment rate in cities in December was 5.1%.
The bureau had temporarily suspended the release of the younger age group’s unemployment rate in the summer, citing the need to reassess calculation methods. That unemployment rate had previously climbed to records above 20%.
China also reported fourth-quarter GDP figures, which were slightly below expectations, bringing 2023 growth to 5.2%.
GDP for the last three months of 2023 rose by 5.2%, China’s National Bureau of Statistics said Wednesday. That’s below the 5.3% forecast in a Reuters poll.
Rating: 5