Economic Overview - In Q1 2025, GDP grew by 5.4% year-on-year, matching Q4 2024 and exceeding the annual growth target of 5%[3] - The seasonally adjusted annualized rate for Q1 was 4.9%, slightly lower than December 2024's 6.6%[5] Production Insights - Industrial output increased by 6.5% year-on-year in Q1, up from 5.8% for the entire previous year[11] - In March, industrial output rose by 7.7% year-on-year, significantly higher than the 5.9% in January-February[11] Consumption Trends - Retail sales in March grew by 5.9% year-on-year, with large-scale retail sales increasing by 8.5%, marking a rise of 1.9 and 4.2 percentage points respectively from January-February[25] - Online retail sales surged by 8.9% in March, reflecting a significant improvement compared to earlier months[31] Investment Developments - Fixed asset investment in Q1 saw a year-on-year growth of 4.2%, with March's growth at 4.3%, a slight increase from January-February's 4.1%[34] - Infrastructure investment showed notable recovery, with broad infrastructure investment growth at 12.6% in March[34] External Demand - Exports rose by 6.9% year-on-year in Q1, with March witnessing a significant increase to 12.4% due to concerns over future trade friction[7] Employment and Income - The urban survey unemployment rate in March was 5.2%, a slight decrease of 0.2 percentage points from January-February[22] - Per capita disposable income and consumption expenditure grew by 5.6% and 5.3% year-on-year respectively in Q1[31]