China GDP grew 5.3% in Q1
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The news: China’s gross domestic product (GDP) grew 5.3% in the first quarter, beating estimates.
The numbers: The country’s GDP figure was much higher than analyst estimates of 4.8%, but March industrial output and retail sales figures were weak relative to expectations.
Retail sales rose 3.1% year on year, compared to estimates of 4.8%, while industrial output rose 4.5% year on year, compared to estimates of 6%.
The context: China’s National Bureau of Statistics (NBS) said the country’s foundation for a stable economy was not solid yet, and that the external environment was complex and uncertainty was rising, Bloomberg reported.
What they said: NBS deputy director Sheng Laiyun said China will “intensify the implementation of macro policies”.
“We know that we grew by 5.3% in GDP, and that was faster than Q4 last year … better employment indicates a better economy,” he said.
The source: Bloomberg
