China’s GDP grew by 4.5% in the first quarter of 2023
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China’s GDP in the first quarter of 2023 amounted to 28.499 trillion yuan ($4.14 trillion), reports Xinhua data of the state statistical bureau. On an annualized basis, the growth was 4.5%, compared to the previous quarter – 2.2%.
The services sector showed a high growth rate (5.4%). The increase in GDP was also provided by the agricultural sector (3.7%) and industry (3.3%).
The increase in growth comes against the backdrop of China’s abandonment of severe restrictions in connection with the coronavirus pandemic. In 2022, the growth of the Chinese economy slowed down until 3%. The official forecast was 5.5%. In 2021, GDP increased by 8.4%, in 2020 – by 2.2%.
According to the forecast of the International Monetary Fund, the contribution of the Asia-Pacific region to global economic growth this year could be more than 70%. According to the IMF, the growth of the Chinese economy will accelerate to 5.2% this year, and slow down to 4.5% in 2024.
Read more about the forecast – in the material “Kommersant” “Asia came out growing”.
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