Saturday, 21 May 2022
WorldChina's economy grows 4.8% in first quarter

China’s economy grows 4.8% in first quarter

AA / Beijing

China’s gross domestic product grew 4.8 percent year on year in the first quarter of this year. Growth above analysts’ expectations of 3%.

The National Statistics Authority said in a statement on Monday that gross domestic product growth for the first quarter exceeded figures recorded in the fourth quarter of 2021, which stood at 4%.

However, the country is facing challenges related to the resurgence of the coronavirus pandemic in many cities, which has prompted local authorities to close them almost completely, until the end of infections, accentuated by other challenges. in the third quarter of 2021, linked to the tightening in the real estate market.

GDP figures for the second quarter are heading for a slowdown from what they were in the first quarter, as the negative effects of the closures emerge on the local economy.

The country expects to register a growth of 5.5% for the whole of this year, which is lower than the average figures recorded in the last 25 years of more than 6%, except for 2020.

In this context, the country’s industrial production recorded faster growth in the first quarter of this year, amid an improvement in the high-tech manufacturing sector.

The authority said in another statement that industrial production rose 6.5 percent on an annual basis in the first quarter of this year.

*Translated from Arabic by Wejden Jlassi

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