宏观研究-宏观分析报告：四季度经济的结构性亮点

Economic Growth - The actual GDP growth rate for Q4 2024 was recorded at 5.4%, contributing to an annual growth target of 5%[4] - The main supports for the economy in Q4 were exports and consumption, while investment contributions significantly declined[4] Sector Performance - Industrial value-added growth rates for October to December 2024 were 5.3%, 5.4%, and 6.2% respectively, while the service sector's production index growth rates were 6.3%, 6.1%, and 6.5%[4] - The service sector, particularly transportation, leasing, commercial services, and finance, provided significant support to the economy[4] Price Dynamics - There was an increase in macro-level price pressures in Q4 2024, with the gap between actual and nominal growth rates widening[5] - The GDP deflator index for Q4 was approximately -0.73%, indicating a decline compared to -0.68% in Q3[5] Investment Trends - Fixed asset investment growth for 2024 was 3.2%, with a monthly growth rate of approximately 2.3% in December, showing a slight decline[14] - Infrastructure investment growth was 9.2%, while real estate investment saw a significant drop of -13.3% in December[16] Consumer Behavior - Retail sales in December 2024 grew by 3.7%, a 0.7 percentage point increase from November, indicating a recovery in consumer spending[18] - The average consumption propensity measured by per capita consumption expenditure as a proportion of disposable income was notably lower than in 2023, reflecting constraints on consumer willingness[7]