China’s First-Quarter GDP Beats Forecast, Growing 4.8% Year-on-Year

Source: National Bureau of Statistics of China

China’s Q1 GDP rose faster than anticipated despite the impact of Covid-19 lockdowns in some cities in March. CSI 300 Index down -0.53%, CNY USD up +0.09%

• First-quarter GDP jumped by 4.8%, surpassing expectations of 4.4%, rising from a prior year.
• Fixed asset investment for Q1 jumped by 9.3% from a year ago, surpassing expectations for 8.5% growth.
• Investment in manufacturing increased by 15.6% in Q1 from a year ago, and infrastructure expanded by 8.5% over the same period.
• Industrial production in March jumped by 5%, topping the forecast for 4.5% growth.
• Starting in March, the nation has struggled to control its worst Covid-19 outbreak since the beginning of the initial phase of the pandemic in 2020.
• The unemployment rate across 31 major cities in China expanded from 5.4% in February to 6% in March, the highest level on record since 2018.