May 10, 2022
The National Bureau of Statistics of China reported that first-quarter GDP increased by 4.8 percent, exceeding predictions of a 4.4 percent growth from a year ago. Despite the impact of Covid lockdowns in areas of the country in March, China’s first-quarter GDP expanded faster than projected.
Fixed asset investment increased 9.3% year over year in the first quarter, exceeding projections of 8.5 percent growth.
However, the unemployment rate in 31 major Chinese cities increased from 5.4 percent in February to 6% in March, the highest level ever recorded according to government data dating back to 2018.
Since the beginning of the pandemic in 2020, the government has fought to contain its worst Covid outbreak. Lockdowns throughout more than half of the country at the time resulted in a 6.8% drop in first-quarter growth from the previous year.
According to figures released, China’s exports increased by a higher-than-expected 14.7 percent in March, but imports unexpectedly decreased by 0.1 percent from a year ago.
Source: CNBC
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