China has released its latest GDP figures. We've assessed the numbers to see how its economic recovery is shaping up
could be restored, and if a global downswing would undermine China’s upward momentum.
Official figures released on April 18th should help allay some of that scepticism. China’s GDP grew by 4.5% in the first three months of this year, compared with the same period in 2022. That does not sound particularly impressive by China’s standards. But to get there, the economy first had to climb out of the hole created by thein Shanghai and elsewhere last spring .
More detailed, monthly figures clarified the shape of the recovery. Retail sales grew by double-digits year-on-year in March, before adjusting for inflation. Catering, which was hard hit by pandemic-era restrictions, grew by over 26%. Exports held up better than expected, at least for now. Property sales were strong in China’s big cities, but not elsewhere, suggesting that China’s national housing slump is becoming a more local malaise.
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