Gross Domestic Product (GDP) in the world's second-biggest economy, China, expanded by 2.9% in the September-December quarter year-on-year, official data released by the National Bureau of Statistics (NBS) showed on Tuesday, above the 1.8% consensus forecasts and slowing from the 3.9% pace in the third quarter.

On a quarterly basis, China’s GDP came in at 0% in the fourth quarter vs. an expected 0.8% drop and a 3.9% growth in the previous quarter.

China’s economy grew by 3.0% YoY in 2022.

China’s December Retail Sales YoY, dropped 1.8% vs. -7.8% expected and -5.9% previous while the country’s Industrial Production came in at 1.3% YoY vs. 0.5% estimated and 2.2% prior.

Meanwhile, the Fixed Asset Investment fell to 5.1% YoY in December vs. 5.0% expected and 5.3% last.

Market reaction

The Australian dollar picked up a fresh bid on the upbeat Chinese data release. The AUD/USD pair jumped to fresh daily highs at 0.6978 on the data release before retreating to 0.6971, where it now wavers. The spot is up 0.23% on the day.