The chinese economy it advanced 4.5% in the first quarter of 2023 compared to the results of the same period of the previous year. Growth was driven by the country’s economic resumption after the end of restrictions to control the spread of COVID-19, according to data released by the Asian nation’s National Statistical Office (ONE). On a quarterly basis, this increased by 2.2% in the initial three months.
The data for the first quarter of the year represent a substantial improvement compared to the data for the last period of 2022, when the Chinese economy did not experience any variation in quarter-on-quarter terms, although it did rebound by 2.9% in the year-on-year comparison.
The ONE also reported that in March retail sales, a key indicator of consumption, increased by 10.6% year-on-year and industrial production increased by 3.9% compared to the same month in 2022.
“China’s national economy made a good start this year and the market expectation registered a significant improvement,” said Fu Linghui, a spokesman for the entity, at a press conference.
It should be noted that, in 2022, the GDP of China it grew just 3%, one of its worst performances in decades.
Despite having passed the COVID-19 stage, the Chinese economy also faces another series of challenges, such as high debt in the real estate sector, consumer confidence or the fall and the threat of recession worldwide.
Source: Larepublica
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