China’s economic growth edged up to a still-weak 4.8% over a year earlier in the first three months of 2022, as spreading coronavirus outbreaks prompted shutdowns of major industrial cities, including Shanghai.
Retail spending, factory output and investment in factories, real estate and other fixed assets rose.
Authorities have temporarily suspended access to Shanghai, a city of 25 million and the world’s busiest port, and other industrial centers. Global automakers and other manufacturers have stopped or reduced production due to supply disruptions. Retail sales rose by a modest 3.3% over a year earlier in the first quarter after consumer demand was dampened by a government appeal to the public to avoid traveling and large gatherings during February’s Lunar New Year holiday, normally a period of big spending on gift-giving, banquets and tourism.
Other cities affected by temporary suspensions of access include Tianjin, a port and petrochemical center east of Beijing; Shenzhen, a finance and tech center near Hong Kong, and the manufacturing centers of Changchun and Jilin in the northeast. Smaller cities also have suspended access, closed businesses, ordered residents to stay at home or imposed other controls.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China's first quarter GDP beats expectations to grow 4.8% year-on-yearChina's first quarter GDP grew faster than expected despite the impact of Covid lockdowns in parts of the country in March.
Read more »
China’s GDP expands 4.8% YoY in Q1 2022 vs. 4.4% expected, AUD/USD uninspiredChina's annualized GDP figures for the first quarter of 2022 arrived at % vs. 4.4% expected and 4.0% previous, with the QoQ reading coming in at 1.3%
Read more »
China data to show sharp March deterioration as COVID bites, but solid Q1 growthChina is expected to report a sharp deterioration in economic activity in March as COVID-19 outbreaks and lockdowns hit consumers and factories, although first-quarter growth may have perked up due to a strong start early in the year.
Read more »
Alaska March job numbers up over prior year, lag March 2019The biggest gains over March 2021 were in the leisure and hospitality and trade, transportation and utilities sectors. But there were still 2,800 fewer leisure and hospitality jobs last month than in March 2019.
Read more »