China's first quarter GDP grew faster than expected despite the impact of Covid lockdowns in parts of the country in March, according to data released by the National Bureau of Statistics Monday.
First quarter GDP rose by 4.8%, beating expectations of a 4.4% increase from a year ago.
Fixed asset investment increased by 9.3% in the first quarter, beating expectations. Industrial production increased by 5% in March.
Retail sales in March fell more than expected. Analysts were expecting a decline of 1.6%.
The country has struggled to contain its worst Covid outbreak since the first phase of the Pandemic in 2020. The first quarter growth was 6.8% lower than it was a year earlier.
With the domestic and international environment becoming increasingly complicated and uncertain, the economic development is facing significant difficulties and challenges, according to the bureau.
The unemployment rate in the city went up to 5.8% in March from 5.5% in February. The unemployment rate for 16 to 24 year olds was much higher.
The apparel, autos and furniture subcategories all posted declines in retail sales in the first quarter.
In March, jewelry was down by 17.9% from a year ago. The data showed a decline in clothing and shoes.
We must coordinate the efforts of Covid-19 prevention and control and economic and social development, make economic stability our top priority and pursue progress while ensuring stability, and put the task of ensuring stable growth in an even more prominent position.
Although economic figures for January and February beat expectations, they have begun to reflect the impact of stay- home orders and travel restrictions around economic centers like the coastal metropolis of Shanghai.
China's exports rose by more than expected in March, but imports fell, according to data released last week.
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