Logo 17 Apr 2025

Macro wrap: China’s Q1 GDP growth smashes expectations, but masks underlying weaknesses

To read this macro wrap as a PDF, click here.
Exec sum

China’s GDP grew 5.4% y/y in Q1 – matching the previous quarter – driven by manufacturing and foreign demand.
While this is a bullish headline GDP print, underlying data reveals persistent economic weaknesses.
First, growth in household co...

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