BEIJING – The Chinese economy is up 18.3% in the first quarter from a year earlier, record growth reflecting the recovery from a deep coronavirus-induced low in early 2020 and the continued momentum of the world’s second largest economy.
The growth rate of gross domestic product in the first three months of 2021 was significantly higher than the 6.5% year-on-year growth recorded in the last quarter of 2020, although it lagged behind the 19.2% growth that was expected by economists questioned by The Wall Street Journal.
Analysts had expected GDP growth to rise sharply in the first three months of the year compared to the same period last year, when the Chinese economy suffered a historic 6.8% contraction as the initial emergence of the coronavirus forced Beijing to close. large parts of the country.
In recent weeks, China has reported economic indicators showing growth of 30% or more from a year earlier.
The annual GDP growth rate will almost certainly be lower in the coming quarters, as the Chinese economy is measured at higher levels than a year earlier. The Chinese economy started to recover in the second quarter of 2020 and recorded higher annual growth rates in the remaining quarters of the year.