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China’s GDP grows 4.5% in first quarter, boosted by consumption

April 18, 2023
Source: indianexpress.com indianexpress.com
News Snapshot:
China’s gross domestic product grew 4.5% in the first quarter of the year, boosted by increased consumption and retail sales, after authorities abruptly abandoned the stringent “zero-COVID” strategy. The growth in the world’s No. 2 economy from January to March compared to the same period in 2022 was the fastest in the past year, and outpaced the 2.9% growth in the previous quarter, according to government data released Tuesday. The growth in GDP comes amid a rebound in consumption, as people flocked to shopping malls and restaurants after harsh COVID-19 restrictions were removed. In March, total retail sales of consumer...
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