China’s GDP grew 18.3 percent against the background of improving epidemiological situation and a strong economic recovery in the country in the first quarter of 2021 compared to the same period last year, Report informs referring to China’s National Bureau of Statistics.
At the same time, compared to the first quarter of 2019, China’s GDP in the first three months of 2021 grew by 10.3 percent.
“According to preliminary data, China’s GDP in the first quarter of 2021 amounted to $3.8 trillion, the growth in annual terms was 18.3 percent,” reads a report of the bureau.
The indicator turned out to be below the expectations of experts, who had predicted GDP growth of 20 percent.
The growth rate of China’s GDP at the end of 2020, under the influence of the coronavirus pandemic, slowed down to 2.3 percent per annum, which was the lowest in the last 40 years. The country’s total GDP last year was about $15.67 trillion.
In the first quarter of 2020, due to the COVID-19 pandemic, the country’s GDP decreased by 6.8 percent on an annualized basis for the first time since the 1976 Cultural Revolution.
The authorities expect that China’s GDP growth rate in 2021 will be more than 6 percent, while experts consider this forecast as modest and believe that the growth rate may exceed 8 percent.