China's GDP expands 4.8% in Q1 despite COVID-19 disruptions

Baku, April 18, AZERTAC

China's gross domestic product (GDP) expanded 4.8 percent year on year in the first quarter (Q1) of 2022, despite disruptions caused by the resurgence of COVID-19 cases and uncertainties in the international environment, the National Bureau of Statistics (NBS) said on Monday, according to CGTN.

The figure beats the forecasts of 4.4 percent and 4.3 percent by Reuters and Bloomberg economists, respectively.

The quarterly result is supported by a strong January-February economic recovery. Retail sales grew by 6.7 percent, while fixed-asset investment rose by 12.2 percent during the period.

Quarterly growth slowed from 1.6 percent in Q4 of 2021 to 1.3 percent.

China's per capita disposable income came in at 10,345 yuan ($1,623) in Q1, a nominal increase of 6.3 percent year on year, NBS data showed.