China’s economy beat growth forecasts after lifting pandemic restrictions

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China’s economy grew by 4.5% in the first quarter of the year – faster than expected, as the country emerged from strict restrictions related to the Covid-19 pandemic.

It is reported BBC, Reuters.

Gross domestic product grew by 4.5% year-on-year in the first three months of the year, according to data from China’s National Bureau of Statistics. This result is better than the growth of 2.9% in the previous quarter.

GDP growth of 4.5% also beat analysts’ forecasts for growth of 4.0% and was the strongest gain in a year.

GDP rose thanks to an increase in household spending and an increase in manufacturing activity amid the lifting of measures to combat the coronavirus in December.

Data for March showed that retail sales, a key measure of household consumption, jumped 10.6% from a year earlier.

At the same time, production at the country’s factories increased by 3.9% – slightly less than economists’ forecasts.

Meanwhile, the country’s aviation industry has grown with the opening of China to foreigners. More than 45 million passenger flights were carried out in March, which is almost three times more than in the same period last year.

Investors were closely watching first-quarter data to gauge the strength of China’s economic recovery after Beijing dramatically lifted COVID-19 restrictions in December and eased pressure on technology companies.

China’s GDP growth last year fell to one of its worst rates in nearly half a century due to restrictions related to COVID-19.

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