The Magazine for Asian Investors
China’s National Bureau of Statistics (NBS) reported today that gross domestic product (GDP) rose 4.8% year-on-year in the first quarter of 2002. This was above analysts’ estimates of 4.4%.
GDP in the first quarter was below the Chinese government’s target of 5% of GDP for 2022. In addition, most analysts expect a slowdown in the Chinese economy due to the impact of the use of lockdown measures to control the spread of COVID-19.
The effects of the lockdown caused retail sales in China to fall by 3.5% year-on-year in March. This was below analysts’ estimates, which had expected a decline of only 1.6%.
NBS released a statement stating, “We realized that China’s economy is facing challenges due to the increasingly uncertain and complex situation within the country and abroad. However, China still attaches great importance to preventing the spread of COVID-19. Along with creating economic stability to ensure that the economy can continue to grow in the midst of these crises.”