HomeLive CommentsChina GDP grew record 18.3% yoy in Q1, March data strong

China GDP grew record 18.3% yoy in Q1, March data strong

China’s GDP grew a record 18.3% yoy in Q1, but missed expectation of 18.8% yoy slightly. The data was distorted by the low base as the economy was choked by the outbreak of coronavirus in Wuhan last year, which quickly spread to the world, and it’s still spreading. Nevertheless, the annual growth was still the strongest since record began in 1992.

March economic data was solid too. Retail sales rose 34.2% yoy versus expectation of 27.2%. Industrial production rose 14.1% yoy, missed expectation of 15.6% yoy. Fixed asset investment rose 25.6% ytd yoy, above expectation of 25.3%. Overall, the economy is on track to beat the government’s annual target of 6% GDP growth.

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