Chinese Economy Grew 18.3 Percent in the First Quarter of the Year

The Chinese economy recorded record growth in the first three months of 2021. Growth was 18.3 percent.

The Chinese economy grew 18.3 percent in the first quarter of the year. The economist expectation for the country's economy was that the growth would be 18.5 percent. While industrial production in the country remained below expectations, retail sales showed a strong performance. The Chinese economy also supported the strengthening in production and investment activities in the first three months of this year, as well as the inclusion of consumer spending. Although the gross domestic product increased by 18.3 percent in the first three months, it was almost in line with the economist expectations of 18.5 percent. Industrial production in the country was able to increase by 14.1 percent, although workers did not travel and continue to work during the Spring Festival in the country. With this increase, it fell below the expectations of 18 percent. Retail sales remained at the level of 34.2, exceeding the expectations of 28 percent. Fixed asset investments increased by 25.6 percent in the first three months compared to the period of the same year. The unemployment rate was recorded as 5.3 percent.