China misses fourth quarter GDP estimates, resumes posting youth unemployment data

Construction at China Vanke Co.'s Isle Maison development in Hefei, China, on Monday, Nov. 27, 2023. Bloomberg | Bloomberg | Getty Images BEIJING — China has resumed reporting the unemployment rate for young people. The National Bureau of Statistics said Wednesday that excluding people still in school, the unemployment rate for young people aged 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 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. Retail sales grew by 7.4% in December from a year ago, missing expectations for 8% growth. Industrial production rose by 6.8% in December from a year earlier, beating forecasts for 6.6% growth.

Fixed asset investment for 2023 rose by 3%, a touch above the predicted 2.9% increase. This is a developing story. Check back for updates..