China’s GDP in the first quarter of 2023 amounted to 28.499 trillion yuan ($4.14 trillion), reports “Xinhua” data of the state statistical bureau. On an annualized basis, the growth was 4.5%, compared to the previous quarter – 2.2%.
The services sector showed a high growth rate (5.4%). The increase in GDP was also provided by the agricultural sector (3.7%) and industry (3.3%).
The increase in growth comes against the backdrop of China’s abandonment of severe restrictions in connection with the coronavirus pandemic. In 2022, Chinese economic growth slowed to 3%. The official forecast was 5.5%. In 2021, GDP increased by 8.4%, in 2020 – by 2.2%.
According to the forecast of the International Monetary Fund, the contribution of the Asia-Pacific region to global economic growth this year could be more than 70%. According to the IMF, the growth of the Chinese economy will accelerate to 5.2% this year, and slow down to 4.5% in 2024.
Read more about the forecast in the material “Kommersant” “Asia came out with growth.”
