China’s gross domestic product (GDP) grew by 4.5% year on year in the first quarter of 2023, according to data released by the National Bureau of Statistics on Tuesday. The growth rate was slightly lower than the 4.9% recorded in the previous quarter.
China’s economy grew at a faster-than-expected rate in the first quarter of 2021, expanding by 4.5% year-on-year. This growth comes as policymakers aim to boost economic recovery following the end of strict COVID-19 restrictions in December.
Analysts polled by Reuters had predicted a 4.0% expansion from a year earlier, which is an improvement from the 2.9% growth in the fourth quarter of 2020.
On a quarter-by-quarter basis, the country’s gross domestic product (GDP) grew by 2.2% in January-March, meeting expectations and marking a significant increase from the 0.6% growth seen in the previous quarter.
The National Bureau of Statistics also reported that China’s industrial output rose 14.1% year-on-year in March, while retail sales increased by 34.2% in the same month compared to a year earlier.
