China's GDP increased by 4.5% in 1Q 2023 compared to the same time frame in 2022, the National Bureau of Statistics of China informs.
This is the highest gain in a year and exceeds the estimates of analysts surveyed by Reuters. The removal of stringent COVID-19 limitations, which had been in effect for over three years, was a major element in the revival of the economy.
Retail sales climbed by 10.6% in March, the most in the previous two years, while manufacturing output rose by 3.9%, the most in the previous five months. Agricultural products climbed by 3.6%, the services sector expanded by 5.4%, retail commerce increased by 5.8%, and investment in high-tech sectors grew by 16%, while goods export and import increased by 4.8%.
Capital Economics' Julian Evans-Pritchard, a specialist on the Chinese economy, highlighted that the rate of revival surpassed even their rather positive estimates. He expects China's GDP to increase by 6% this year, with the Chinese leadership aiming for 5% growth by 2024.