Statistareporter Felix Richterhas said the Chinese economycontinued its recovery in the fourth quarter of 2020, returning to a level of growth in line with pre-pandemic growth rates.
According to theNational Bureau of Statistics of China, the country’s GDP grew by 6.5 per cent year-over-year in the three months ended December 31, up from 4.9 per cent in the preceding quarter and 3.2 per cent growth in the quarter ended June 30.
In the first three months of 2020, the coronavirus outbreak had resulted in the first quarterly GDP decline in decades for the world’s second-largest economy. And while the swift rebound resulted in 2.3 per cent growth for the entirety of 2020, that is still equivalent to the worst result since 1976 for the notoriously booming economy. Nevertheless, the pace of China’s recovery exceeded expectations, as the IMF and World Bank had predicted 1.85 and 2.0 per cent growth for 2020 in their latest economic outlooks, respectively.
China’s economic output had declined by 6.8 per cent year-over-year in the first three months of 2020, after the coronavirus outbreak which originated in Wuhan (Hubei province) in December and the ensuing lockdown had stopped the country in its tracks. Prior to the COVID-19 crisis, China’s economic growth had stabilized around 6 per cent following a gradual slowdown from more than 10 per cent growth in the first decade of the 21st century.
China’s manufacturing sector has recovered, with the latest data showing a 7.3% increase in industrial output.
Exports have also led the way. Data revealed Chinese exports grew more than expected in December, as coronavirus disruptions around the world fuelled demand for Chinese goods.
That is despite a stronger yuan, which makes Chinese exports more expensive for overseas buyers.