China's first quarter GDP grew faster than expected despite the impact of Covid lockdowns in parts of the country in March.
First quarter GDP rose by 4.8%, topping expectations of a 4.4% increase from a year ago, data released by the National Bureau of Statistics Monday.
A traffic police officer prepares to check a truck at a service station near Shanghai, which has ordered tighter restrictions on travel in and out of the city as China battles its most severe Covid outbreak since the early days of the pandemic in 2020.BEIJING — China's first quarter GDP grew faster than expected despite the impact of Covid lockdowns in parts of the country in March, according to data released by the National Bureau of Statistics Monday.
However, retail sales in March fell by a more-than-expected 3.5% from a year earlier. Analysts polled by Reuters anticipated a 1.6% decline. Beginning in March, the country has struggled to contain its worst Covid outbreak since the initial phase of the pandemic in 2020. Back then, lockdowns across more than half the country resulted in a
"We must be aware that with the domestic and international environment becoming increasingly complicated and uncertain, the economic development is facing significant difficulties and challenges," the bureau said in a statement.
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