China’s economy grows 18.3% in first quarter
- 22 April 2021
- 540
The country recorded a historic GDP growth year on year since it started keeping quarterly records in 1992
According to China’s National Bureau of Statistics, the country’s GDP grew by 18.3% year-on-year in the first quarter of 2021, which is the biggest jump since quarterly records began in 1992.
As stated by BBC, economists forecasted the GDP increase, since China’s economy shrank in the first quarter of 2020 due to the COVID-19 outbreak.
First quarter retail sales grew significantly by 33.9%. In addition, industrial production increased by 14.1% from a year ago. CNN notes that the main output for both sectors was recorded in March.
Chinese government set an economic growth target of 6% for 2021.
