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 high-quality development has made new achievements in the first quarter. The national economy has sustained recovery momentum and got off to a good start," Sheng Laiyun, deputy director of the NBS, told a press conference.

Sheng mentioned positive factors during the period such as rising production demand, stable employment and prices, and growing market confidence.

"These positive factors driving economic recovery are accumulating and strengthening, laying a good foundation for full-year growth," said Sheng.

Sheng attributed the upbeat momentum in the first quarter to the implementation of supportive government policies and intensified macro-control efforts.

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.