China’s gross domestic product (GDP) grew by 4.5% year-on-year in the first quarter, marking its highest growth in a year, official data showed Tuesday. The economic recovery of the world’s largest crude importer supported the rebound in oil prices as well.
Compared to the previous quarter, China’s GDP grew by 2.2%, data from the National Bureau of Statistics (NBS) showed. The country recorded an economic recovery after the government ended its strict COVID-19 curbs and fully reopened in January, lifting businesses out of supply chain disruptions that almost crippled its economy.
Industrial output increased by 3.9% year-on-year in March. The value addition of industrial enterprises above the designated size rose by 3% year-on-year during the first quarter, with the three major categories increasing. The mining industry’s added value increased by 3.2%, the manufacturing industry edged up 2.9%, and the production and supply of electricity, heat, gas, and water rose by 3.3%.
The country’s service sector saw a 5.4% growth in the first quarter compared to the fourth quarter of the previous year, with the catering industry recording a 13.6% rise, information transmission edging up 11.2%, and the software and information technology service industry posting a 6.9% increase.
Total retail sales of social consumer goods grew by 10.6% year-on-year in March. For the entire first quarter, retail sales rose 5.8% year-on-year. However, compared to the fourth quarter of last year, retail sales fell 2.7%, according to NBS data.
The national fixed asset investment saw a 5.1% growth in the first quarter, which is the same as the same period a year ago, as expansion slowed in infrastructure and manufacturing investment.
Meanwhile, investment in real estate continued to decline, posting a 5.8% drop during the first quarter. A 1.8% fall was recorded in the sales area of commercial housing nationwide. However, the sales revenue of commercial housing saw a 4.1% increase.
