China’s economic growth slowed to its weakest pace in nearly three years in the fourth quarter as domestic demand softened, though full-year growth matched Beijing’s target despite growing trade frictions with the U.S. and a prolonged real estate slump.
Gross domestic product grew 4.5% in the October-to-December period, data from the National Statistics Bureau showed Monday. That marked a slowdown from 4.8% in the third quarter and was the weakest reading since the first quarter of 2023, when growth also came in at 4.5%.
Full-year economic output came in at 5%, meeting the official target of around 5%.
Separate December data showed domestic consumption weakened and the investment decline steepened, while manufacturing improved.
Retail sales grew 0.9% in December from a year earlier, missing economists’ forecast for 1.2% growth and slowing from 1.3% in the prior month. That marked the softest growth since December 2022, according to Wind Information, when the gauge of consumption declined 1.8% year on year.
