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China’s first quarter GDP beats expectations, rises by 4.8%
By Shubhangi Mathur - Apr 19, 2022, 12:42 AM ET
Last Updated - Feb 22, 2024, 01:07 PM EST
The country’s economy, though, slowed down in March due to Covid-19 lockdowns
China’s GDP grew in the first quarter of the year at a faster rate than expected despite lockdowns imposed in many parts of the country in March.
The gross domestic product of the country rose by 4.8% in the first quarter, said China’s National Bureau of Statistics on Monday, compared to expectations of 4.6% by economists polled by The Wall Street Journal.
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China’s economy, though, slowed down in March as the country experiences its worst Covid-19 outbreak since the initial phase of the pandemic in 2020.
Sector-wise growth
In the quarter, fixed asset investment grew by 9.3% while investments in manufacturing rose by 15.6% from a year ago.
Infrastructure grew by 8.5% while industrial production climbed by 5%.
In March, retail sales declined by 3.5% from the previous year, compared to 1.6% decline predicted by the Reuters’ poll.
Due to lockdowns in the country, analysts warn a decline in the economy in April as well.
"Further impacts from lockdowns are imminent, not only because there has been a delay in the delivery of daily necessities, but also because they add uncertainty to services and factory operations that have already impacted the labour market," said Iris Pang, Greater China chief economist at ING, according to a Reuters report.
Picture Credits: Getty Images
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