Chinese growth resists in the first quarter

The gross domestic product increased by 4.8% over the first three months of the year. But activity should slow down in the second quarter, due to the confinement of the economic capital, Shanghai.

Despite the zero Covid policy implemented by Beijing, Chinese growth showed surprising vigor in the first quarter. According to figures published on Monday April 18, growth was 4.8% in the first quarter, compared to 2021. This is more than expected by economists who, according to the Bloomberg panel, were betting instead on growth of 4, 3%. In the last quarter of 2021, it had been only 4%.

According to the National Bureau of Statistics, growth was driven in March by industrial activity (+ 5% over one year), fixed capital investment (+ 9.3%) while retail sales have, they , decreased (-3.5%). Urban unemployment has risen to 5.8%, but that of 16-24 year olds is much higher at 16%.

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