China’s Gross Domestic Product (GDP) registered an expansion of 18.3 % in the first quarter of 2021 compared to the same period of the previous year, when it had suffered a contraction of 6.8 % as a result of the impact of the pandemic of coronavirus. It represents the highest year-on-year growth rate since there are records, according to data from the National Statistics Office (ONE) of the Asian giant.

However, compared to the fourth quarter of 2020, when the world’s second-largest economy had grown by 6.5 %, economic activity in China slowed in the first quarter of 2021 to 0.6 %. For its part, compared to the first quarter of 2019, China’s GDP grew by 10.3 % and registers an average growth in the last two years of 5 %.

The Chinese statistical office indicated that the record year-on-year growth of the economy during the first three months of 2021 is explained by the base effect of the comparison with the historical drop in activity observed in the first quarter of 2020, as well as by the increase in working hours as a result of changes in the Lunar New Year holidays.

By sectors, the primary sector of the Chinese economy experienced a year-on-year growth of 8.1 % between January and March, with an average expansion in the last two years of 2.3 %. While the industry grew in the first quarter of 2021 24.4 % year-on-year, with an average of 6 % in the last two years. For its part, the services sector grew by 15.6 % in the first quarter of 2021, with an average expansion in the last two years of 4.7 %.

K. Tovar

Source: CincoDías

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