Quarter I-2021, China’s Economy Grows Rapidly 18.3 Percent

BEIJING, KOMPAS.com – China’s economic growth recorded at 18.3 percent in Q1-2021, according to a report by the country’s National Bureau of Statistics.

This figure shows a sharp growth in gross domestic product (GDP) after China was hit by the Covid-19 pandemic since the end of 2019.

Citing CNBC, Friday (16/4/2021), performance economic growth this accelerated after in the first quarter of 2020 China’s economy fell sharply by minus 6.8 percent due to the pandemic.

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However, China’s economic realization during January-March 2021 was slightly below the expectations of analysts from a Reuters survey who estimated that the country’s economy could grow 19 percent.

The realization was below expectations due to the slow growth in industrial production performance, despite the high growth of retail sales.

Retail sales for the country with the world’s second largest economy grew 34.2 percent in March 2021, beating market expectations of a 28 percent growth.

Industrial production performance was also recorded to have grown by 14.1 percent in March 2021, however this figure missed the market projection of 17.2 percent growth.

China is the first country to have faced the coronavirus outbreak and has managed to deal with it. The country’s economy has largely recovered from the paralysis caused by Covid-19.

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After China’s economy fell sharply in the first quarter of 2020, it slowly started to recover in the second quarter by growing 3.2 percent, then in the third quarter it grew by 4.9 percent, and in the fourth quarter it grew 6.1 percent. Overall in 2020 China’s economy will grow 2.3 percent.

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