China’s economy grew faster than expected in the first quarter but official data revealed a recent contraction in consumer activity as lockdown measures to counter the spread of Covid-19 weighed on the country’s outlook.
China’s gross domestic product rose 4.8 per cent compared with the same period a year earlier, after expanding by 4 per cent in the final three months of 2021. On a quarter-on-quarter basis, GDP grew 1.3 per cent.
Retail sales, a gauge of consumer spending, fell by 3.5 per cent in March — its first contraction since July 2020 — as authorities hardened restrictions to counter the country’s worst coronavirus outbreak in more than two years.
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