Beijing- In the first quarter, China has reported gross domestic product which matches the expectations as industrial production disappointed, however, the retail sales beat.
On Friday, China’s National Bureau of Statistics mentioned that the GDP soared almost 18.3% in the first three months of the year from a year ago. This just slightly below the expectations of the 19% enhancement. However, the increase in the growth of a contraction within the first quarter of the last year. At the time of the domestic outbreak of the Covid-19, the economy shrank almost by 6.8%. China became the first country which dealt with the disease and the economy has now returned to growth almost by the second quarter of last year.
However, the gross domestic product has increased by 10.3% in the first quarter when it is compared with the same period in 2019 as per the statistics bureau. China also mentioned that the retail sale has risen by around 34.2% in the month of March as topping the expectations of 28% growth. Notably, industrial production also rose by 14.1% in March. Moreover, the slower growth in industrial production came despite more workers staying at the time of the Spring Festival and not traveling home.
As per the Statistics bureau, the spread of covid-19 globally and the “international landscape is complicated with high uncertainties and instabilities.”
The bureau also mentioned, “The foundation for domestic recovery is yet to be consolidated and long-standing structural problems remain prominent with new situations and issues arising from development.”
Further, the urban survey report states unemployment rate has now reached a lower in the month of March by 5.3%. Notably, China’s youngest workers age lies between the age of 16-24 which remained as high as 13.6%.