China's Q4 growth slows to 2.9% y/y, beats expectations
Reuters
Published Jan 16, 2023 09:06PM ET
BEIJING (Reuters) - China's economy hit a bump in the fourth quarter, growing by 2.9% year-on-year, National Bureau of Statistics data showed on Tuesday, beating expectations but still underlining the toll exacted by a stringent "zero-COVID" policy.
Gross domestic product (GDP) had been forecast to expand 1.8% from a year earlier, according to a Reuters poll of analysts, slowing from 3.9% in the third quarter.
Growth for 2022 was at 3.0%, the data showed, far below the official target of around 5.5%. Excluding the 2.2% expansion after COVID first hit in 2020, this is the worst showing in nearly half a century.
On a quarter-on-quarter basis, GDP came in at 0.0% in October-December, compared with expectations for a 0.8% drop and a 3.9% gain in the previous quarter.
China's economy struggled over 2022, with major industrial centres including Shanghai and the Yangtze River Delta area as well as Guangzhou locked down or put under curbs for long periods as part of the government's "zero-COVID" strategy.
That stringent anti-virus policy was abruptly lifted last month, and economists expect growth to rebound this year although rocketing COVID infections could temper the revival in the near term. Beijing has pledged more support for the economy as external demand falters amid global recession risks.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.