China's economy grows 18.3% in post-COVID comeback
April 17, 2021 11:50 am
China’s economy grew a record 18.3% in the first quarter of 2021 compared to the same quarter last year.
It’s the biggest jump in gross domestic product (GDP) since China started keeping quarterly records in 1992.
However, Friday’s figures are below expectations, with a Reuters poll of economists predicting 19% growth.
They are also heavily skewed, and less indicative of strong growth, as they are compared to last year’s huge economic contraction.
In the first quarter of 2020, China’s economy shrank 6.8% due to nationwide lockdowns at the peak of its COVID-19 outbreak.
Other key figures released by China’s statistics department also point to a continuing rebound, but are also unusually strong because they are compared against extremely weak numbers from last year.
Industrial output for March rose 14.1% over a year ago, while retail sales grew 34.2%.