The Gross Domestic Product (GDP) of China registered a growth of 4.8 % in the first quarter of 2022 compared to the same period of the previous year. It represents an acceleration of eight tenths compared to the year-on-year expansion registered between October and December 2021, as reported by the National Statistics Office (ONE).
However, in the quarterly comparison, the growth of the world’s second largest economy between the months of January and March moderated to 1.3 % from 1.5 % in the last quarter of 2021 in anticipation of the impact on activity that may have the restrictions reintroduced in several Chinese cities to contain the outbreak of Covid-19.
“In general terms, the national economy in the first quarter continued with the momentum of recovery, behaving within a reasonable range. However, we must be aware that with the national and international environment becoming more complicated and uncertain, economic development faces major difficulties and challenges,” the Chinese statistical office warned.
In the first quarter of the year, the primary sector of the Chinese economy experienced year-on-year growth of 6 %, while industry expanded at a rate of 5.8 % and services, which already account for 56.6 % of the Chinese economy, grew by 4 %.
Between January and March, China’s retail sales increased by 3.3 % year-on-year, while fixed asset investment rose by 9.3 %.
Source: dpa
