BEIJING, April 16-- China's gross domestic product (GDP) grew 5.3 percent year on year in the first quarter of 2024, data from the National Bureau of Statistics (NBS) showed Tuesday.

The country's GDP reached 29.63 trillion yuan (about 4.17 trillion U.S. dollars) during this period, the NBS data showed.

On a quarterly basis, the economy increased 1.6 percent in the first three months.

China's GDP grew 5.2 percent year on year last year and the country has targeted its full-year economic growth at around 5 percent for 2024.