China’s economy experienced ups and downs in 2022 due to the unstable Covid policy. The economy grew by 2.9% (YoY) in the fourth quarter. Looking back at the full year, China’s GDP grew by 3% in 2022, lower than the general expectation of 5.5% for the year.
Aided by various government measures, especially the easing of COVID-19 restrictions, China’s GDP advanced 3.9% year-on-year in Q3 2022, surpassing the market forecast of 3.4% and rising from the GDP growth of 0.4% in the previous quarter.
China’s GDP declined sharply in Q2 to 0.4% (YoY). Apart from the first quarter of 2020 during the initial covid outbreak, this quarter registered the slowest growth since the data series first started in 1992. The decline can primarily be attributed to the aftermaths of widespread lockdowns imposed under March and April.
Despite lengthy COVID lockdowns in March in key regions such as Shanghai, data released by the Chinese National Bureau of Statistics shows the country’s GDP gained a 4.8% growth (YoY) in the first quarter of 2022, up from a 4% growth (YoY) in the fourth quarter 2021.
China’s economy slowed down in Quarter 4 of 2021, as gross domestic product growth came in at 4% (YoY). The downturn in real estate combined with a series of new COVID-19 outbreaks in the last months of 2021 disrupted the growth of the economy.
China’s economy decelerated in the third quarter of 2021, as gross domestic product growth came in at 4.9% (YoY). Zero-tolerance COVID measures and major energy crunch softened economic growth to the weakest rate since the third quarter last year.
With an economic growth powered by strong exports and industrial production, China logged a 7.9% GDP growth (YoY). During the first half of 2021, China has seen an economic growth of 12.7% (YoY), making the annual target of 6% highly reachable.
In a successful attempt to recover from previous year’s battle with COVID-19, China’s investments in economic activities resulted in a staggering 18.3% GDP growth in the first three months of 2021 (YoY).
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As the world continues to battle COVID-19, China’s economy showed exceptional strength in Q4 2020, even surpassing last year’s figure of the same quarter.
China is striving to make its way out of the economic recession caused by the global Corona pandemic. For the second consecutive quarter, China’s economy shows strengthening signs.