China’s economy grew 18.3 percent in the first quarter of this year compared to 2020, when the country that made the world sick with Covid was the fastest to rebound from the pandemic.
The number was slightly lower than forecast, some of which forecast growth of over 20 percent, but it still represents the largest increase in GDP since Beijing began keeping records in 1992.
This means that China’s economic recovery continues to gain momentum after being virtually the only major economy ever to grow in 2020 as other world leaders have been crippled by the effects of repeated lockdowns.
China’s economy grew 18.3 percent in the first quarter of this year compared to the first quarter of 2020, new figures from Beijing this morning showed
China was the only major global economy growing in 2020 while others were crippled by the effects of Covid lockdowns
Analysts warn that the growth reported today is not quite as impressive as it initially seems, and benefit from a comparison with the same quarter last year when the country was at the height of its own lockdowns – a so-called “low base” . cause.
The numbers were also boosted by high government spending, but they will still be the envy of most other world leaders struggling to get their countries back in the black.
Economists in Germany warned yesterday that their economy – Europe’s largest – likely shrank 1.8 percent in the first quarter of this year due to a partial lockdown.
Analysts expect the UK economy to shrink by around 2 percent as well, while Japan and India are unlikely to see growth until later in the year.
With estimates of around 8 percent, the US economy is one of the few whose growth is forecast in the first quarter – that’s still half of the Chinese boom.
Detailed data released Friday by the Chinese Bureau of Statistics showed that retail sales rose in March and growth rose to 33.9 percent in the first quarter as lifespan largely normalized.
Industrial production rose less than an estimated 24.5 percent for the quarter.
The numbers come days after officials announced that exports – and imports in particular – skyrocketed in March.
Spokeswoman Liu Aihua highlighted the contrast between China’s growth and the rest of the world economy, warning that the international landscape still contains “high levels of uncertainty”.
As vaccines roll out around the world, the distribution is uneven and an increase in infections is forcing governments to reintroduce containment measures, slowing recovery.
The unemployment rate in cities, which analysts have closely observed, fell slightly to 5.3 percent.
China is back on track for growth, even if the rest of the world economy remains in ruins due to lockdowns designed to prevent the spread of Covid (file).