China’s economy slumped 6.8 percent in the first quarter

As a result of the coronavirus pandemic, China’s economy has shrunk for the first time in decades. As the Beijing Statistics Office announced on Friday, the gross domestic product in the first quarter decreased by 6.8 percent compared to the first three months of the previous year.

It is the first negative value since at least 1992 when the People’s Republic started publishing growth figures on a quarterly basis. China last had a whole year with a shrinking economy in 1976. Last year, the second largest economy had grown by 6.1 percent.

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