Yin Likin | China News Service via Getty Images BEIJING (Reuters) – China’s first-quarter GDP grew faster than expected despite the impact of Covid restrictions in parts of the country in March, according to data released by the National Bureau of Statistics on Monday. The GDP of the first quarter increased by 4.8%, exceeding the expectations for an increase of 4.4% from last year. Investments in fixed assets for the first quarter increased by 9.3% from last year, exceeding growth expectations of 8.5%. Industrial production in March increased by 5%, exceeding the growth forecast of 4.5%. However, retail sales in March fell 3.5% more than expected from the previous year. Analysts polled by Reuters expected a 1.6% drop. Beginning in March, the country struggled to contain the worst Covid epidemic since the initial pandemic in 2020. At that time, lockdowns in more than half the country resulted in a 6.8% contraction in first-quarter growth compared to the previous quarter. year. “We need to be aware that as the domestic and international environment becomes increasingly complex and uncertain, economic growth faces significant difficulties and challenges,” the office said in a statement.
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The urban unemployment rate rose to 5.8% in March from 5.5% in February. The unemployment rate for people aged 16 to 24 remained much higher at 16%. Retail sales rose 3.3% in the first quarter from last year, but the clothing, cars and furniture subcategories continued to decline for the period. In the context of retail sales, jewelry fell more and decreased by 17.9% in March compared to a year earlier. This was followed by a 16.4% drop in catering and 12.7% in clothing and footwear, the data showed. “We need to coordinate efforts to prevent and control Covid-19 and economic and social development, to make economic stability our top priority and to pursue progress while ensuring stability and the task of ensuring sustainable development in even more prominent position “, the office states. he said. Although the economic figures released for January and February exceeded expectations, data for March have begun to reflect the impact of home booking orders and travel restrictions on malls such as Shanghai’s coastal metropolis. Exports, the main driver of China’s growth, rose more than expected 14.7% in March, but imports fell unexpectedly, down 0.1% from a year earlier, according to data released last week. – This is breaking news. Check again for updates.
