China's GDP grew at a rate of 5.3% in the first quarter of 2024, beating expectations and adding more upward pressure to oil prices.
China ’s first-quarter economic growth data is out and it’s an expectation beater. The country’s GDP grew at a rate of 5.3% during the first three months, versus Reuters economist poll expectations of 4.6%. Oil prices rose following the release of the report. Strong GDP data is normally bullish for oil prices , especially when it comes from a consumer as giant as China .
Forecasts saw retail sales growth of 4.6%, Reuters said in its report. Regardless of the likely overambitious analyst expectations, the figures suggest sustained strong demand for oil in China—the world’s largest importer. During the first two months of the year, that demand was supported by the Lunar New Year holiday—which likely also boosted both retail sales and maybe industrial activity in that period. Going forward, some expect demand growth to slow down thanks to EVs and high-speed rail.
GDP Crude Oil Fuel Economy Oil Prices Growth
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