China’s GDP grows 4.5% in the first quarter of 2023

Inspenet, April 27, 2023

China’s gross domestic product (GDP) grew 4.5% in the first quarter of 2023 from a year earlier, well above market forecasts of 4%, data released by China’s National Bureau of Statistics show. .

This is the strongest growth since the first quarter of last year, largely due to the reopening of the nation and the lifting of strict COVID-19 restrictions that had been in place for nearly three years.

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The Asian country grew 4.5% in the first quarter of 2023

Economic growth: GDP in figures

The figure accelerated from 2.9% in the fourth quarter of last year. The world’s second-largest economy grew 2.2% on a quarterly basis between January and March, rebounding from an upwardly revised 0.6% between October and December. In 2022, GDP increased by 3.3%, less than the government’s target of 5.5%.

Retail sales, a key driver of the country’s growth, rose 10.6% in March, marking the strongest rebound since June 2021 and beating expectations due to a rebound in consumer confidence.

Industrial production rose 3.9% in March, slightly below market forecasts of 4%, while the Asian country’s overall urban unemployment rate fell to a seven-month low of 5.3% in March from 5.6% in February.

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Photo : Envato/Freepik

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