China’s gross domestic product (GDP) expanded at a record pace of 18.3% year on year during the Q1 of this year.
As it rebounded from a historic contraction a year earlier, data from the National Bureau of Statistics (NBS) showed Friday.
China recorded a year-on-year contraction of 6.8% in the Q1 of 2020, when the country had to pause its economic activities to contain the spread of COVID-19.
Setting the stage for a dramatic rebound this year.
The official data fell between the estimations range.
Beating the lower forecast of 17.9% from a Nikkei survey
And 18% from a Macquarie poll but weaker than the higher end of 19% from a Reuters poll.
China’s recovery has been led by robust exports, benefiting from the global economic recovery along with greater vaccination efforts and a steady pickup in domestic consumption.
Stronger than the 33.8 % jump seen in the first two months of the year and outperforming the growing pace of industrial output, which registered at 14.1% in March.
In the Q1, online retail of goods grew by 25.8 % from the same period last year, accounting for 21.9% of total retail sales.
Meanwhile, data showed that China’s services sector generated more than 14 trillion yuan in value, reaching 58.3% in the Q1 GDP.
This an expansion from last year’s 54.5%, which vindicates the sector’s pillar role in China’s economy, according to Liu.
Who believes the services sector will get a boost from China’s rising rate of inoculated population and continue to lead China’s economic growth this year.
On a quarterly basis, China’s economic growth rate during the Q1 slowed to 0.6% from a revised 2.6% in the previous quarter.
Due to the wave of new cases right before the Lunar New Year holiday, according to Lu.
Source: The Jakarta Post