In the first quarter of 2021, China’s economy grew by 18.3 percent year-on-year.
This is the largest increase in China’s GDP since 1992. China has been releasing its quarterly record since 1992.
However, the figures released on Friday did not meet expectations. Because, according to Reuters poll of economists, it should have increased by 19 percent.
Analysts are predicting a stronger economy after the economy contracted sharply last year.
In the first quarter of 2020, China’s economy shrank by 6.8 percent due to the Covid-19 epidemic and a nationwide lockdown.
Figures released by China’s statistics department show strength in many sectors of the economy.
However generally last year’s weak statistics are responsible for this strong statistic.
Within a year, industrial production rose 14.1 percent in March. Retail sales, on the other hand, grew by 34.2 per cent.
Lucy Quiz of Oxford Economics says “March has seen steady growth in areas such as industrial production, consumption and investment, gradually following the initial two months of weakness.”