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China's GDP grows by 18.3% in the first quarter of 2021

Asia / Business and Finance
China's GDP grows by 18.3% in the first quarter of 2021

In the first quarter of 2021, gross domestic product /GDP /China increased by 18.3% on an annualized basis, as strong demand in the domestic and foreign markets allowed economic activity to recover from a low base in early 2020, when due to outbreak of the COVID-19 epidemic in the country, there was a stagnation in the economy. This is evidenced by data published on Friday by the State Statistical Office of the PRC.

In the first quarter of this year, industrial value added in China - one of the most important economic indicators - grew 24.5% year-on-year on the back of continued growth in manufacturing activity in the country.

In the first quarter of this year, investment in fixed assets in China rose 25.6% year on year to 9.6 trillion yuan (about $ 1.47 trillion). The double-digit growth in the indicator is due to last year's low level due to the spread of the COVID-19 epidemic. Compared to the same period in 2019, the indicator increased by 6%.

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