China39;s Q1 GDP growth of 5.3 yy comfortably tops forecasts
Growth uptick supported by raft of policy measures
March retail sales, output data suggest momentum still soft
Analysts say more stimulus needed to shore up demand

BEIJING, April 16 Reuters China39;s economy grew fasterthanexpected in the first quarter, data showed on Tuesday, offering some relief to officials as they try to shore up growth in the face of protracted weakness in the property sector and mounting local government debt.

However, a raft of March indicators released alongside the GDP data including property investment, retail sales and industrial output showed that demand at home remains frail and is retarding overall momentum.

The government has unveiled a raft of fiscal and monetary policy measures in a bid to achieve what analysts have described as an ambitious 2024 GDP growth target of around 5, noting that last year39;s growth rate of 5.2 was likely flattered by a rebound from a COVIDhit 2022.

Gross domestic product GDP grew 5.3 in JanuaryMarch from the year earlier, data released by the National Bureau of Statistics showed, comfortably above analysts39; expectations in a Reuters poll for a 4.6 increase and slightly faster than the 5.2 expansion in the previous three months.

The strong firstquarter growth figure goes a long way in achieving Chinas 39;around 539; target for the year, said Harry Murphy Cruise, economist at Moodys Analytics.

Industrial production also supported through…