China's GDP rises by 4.8% YoY in Q1 2022

19 Apr '22

1 min read

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China's gross domestic product (GDP) for the first quarter (Q1) this year expanded by 4.8 per cent compared to a year ago amid pressures from a more complicated and grimmer international environment and a pandemic resurgence, according to the National Bureau of Statistics (NBS), which recently said the GDP reached 27.02 trillion yuan ($4 trillion) in Q1.

On a quarter-on-quarter basis, the country’s GDP grew by 1.3 per cent in Q1, NBS was quoted as saying by official Chinese media.

The country's value-added industrial output grew by 6.5 per cent on a yearly basis in Q1, with the March reading jumping by 5 per cent year on year, NBS data showed.

Retail sales grew by 3.3 per cent to 10.87 trillion yuan in Q1 from the same period last year. The surveyed urban jobless rate came in at 5.8 per cent in March, up from 5.5 per cent in February, it said.

The bureau cautioned about challenges and mounting uncertainties at home and abroad, saying more efforts will be made to step up macroeconomic policy support, stabilize employment and keep the economy running within a reasonable range.

Fibre2Fashion News Desk (DS)

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