Posted on by

China reports 3% GDP growth for 2022 as December retail sales, industrial production beat estimates



Share

Chinese officials expect about twice the number of Lunar New Year trips this year as last year since many people can return to their hometowns without any Covid restrictions. Pictured here is the Jinan West Railway Station on Jan. 15, 2023.Bloomberg | Bloomberg | Getty ImagesBEIJING — China reported GDP growth for 2022 that beat expectations as December retail sales came in far better than projected.GDP grew by 3% in 2022, the National Bureau of Statistics said Tuesday. That was better than the 2.8% forecast in a Reuters’ poll. The GDP growth number did miss the official target of around 5.5% set in March. In 2021, China’s growth had rebounded by 8.4% from just 2.2% growth in 2020.Fourth-quarter GDP rose by 2.9%, beating expectations from the Reuters’ poll of 1.8% growth.Kang Yi, director of the National Bureau of Statistics, cast China’s 3% growth as “relatively fast” in light of unexpected situations and in contrast to Germany, the U.S. and Japan.However, he said the global trade situation was not optimisti …

Read More