China’s quarterly GDP growth beats forecast

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flag, chinese, china, national, symbol, asia, nation, patriotic, country, ensign, tourism
flag, chinese, china, national, symbol, asia, nation, patriotic, country, ensign, tourism

China’s economy expanded 4.5% year-on-year in the first quarter, according to data from the State Bureau of Statistics (GSO).

flag, chinese, china, national, symbol, asia, nation, patriotic, country, ensign, tourism
flag, chinese, china, national, symbol, asia, nation, patriotic, country, ensign, tourism

Thus, the growth rate accelerated significantly compared to 2.9% in October-December last year.

Analysts on average expected a 4% increase, according to Trading Economics.

The authorities of the country have set the target level of economic growth in 2023 at around 5%.

The volume of retail sales in the country in March jumped by 10.6% compared to the same month a year earlier, the CSO also reported. This is the highest growth rate since June 2021. The consensus forecast assumed growth of 7.4%.

Including retail sales of cars increased by 11.5%, jewelry – by 37.4%, clothing – by 17.7%, cosmetics – by 9.6%, tobacco products and alcohol – by 9.6%, oil products – by 9.2%, telecommunications equipment – by 1.8%. Meanwhile, sales of household appliances decreased by 1.4%, building materials – by 4.7%.

Retail sales for the first quarter of this year rose by 5.7% in annual terms.

China’s industrial production growth accelerated to 3.9% last month from 2.4% in January-February, the CSO said. Analysts, on average, had expected a slightly larger increase of 4%.

The growth of industrial production for three months amounted to 3% compared to the same period in 2022.

Unemployment in China fell to 5.3% in March from 5.6% a month earlier. This is the minimum figure for seven months.

Investments in fixed assets in China increased by 5.1% in January-March. An increase of 5.7% was assumed.

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