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China’s GDP +4.8% Q1 2022

Based on the latest data disclosed by the National Bureau of Statistics on 18 April, the first quarter GDP rose by 4.8% to 27,018 billion RMB, topping expectations for a 4.4% gain and picking up from 4% in the fourth quarter.

The economy was boosted by a strong performance in January and February, with several indicators for those two months exceeding analysts' predictions. January-March GDP increased by 1.3% in quarter-on-quarter terms, compared with expectations for a 0.6% rise and a revised 1.5% gain in the previous quarter.

Industrial production, which measures activity in manufacturing, mining, and utilities, went up 6.5% year on year in the first three months. In March alone, industrial output rose 5% year on year and 0.39% from the previous month.

The output of the manufacturing sector increased 6.2%, while the production and supply of electricity, heat, gas and water rose 6.1%.

The high-tech manufacturing and equipment manufacturing industries saw marked growth by expanding 14.2% and 8.1%, respectively.

Fixed asset investment, a gauge of expenditure on items including infrastructure, property, machinery and equipment, rose by 9.3% to 10,866 billion RMB year-on-year in the first quarter, compared with an expected 8.5% increase.

China's retail sales of consumer goods, a major indicator of the country's consumption strength, went up 3.3% year on year in the first quarter The country's retail sales of consumer goods totaled around 10.87 trillion RMB during this period. However, in March alone, retail sales decreased by 3.5%year on year.

Total import and export of goods for the first quarter rose by 10.7% to 10,487 billion RMB. Among them, the export amount was 5,226 billion RMB, rose by 13.4%. The import amount was 4,189 billion RMB, rose by 7.5%.

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