China's economy grew 3% last year, not even half 2021's rate

China's economy grew 3% last year, not even half 2021's rate

Forecasters say activity is reviving but wary consumers are returning only gradually to shopping malls and restaurants amid a surge in COVID-19 infections.

AgenciesUpdated: Tuesday, January 17, 2023, 08:54 AM IST
article-image
China's economy falls sharply, grew 3% last year, not even half 2021's rate | Representative image

Beijing: China's economic growth fell to 3 per cent last year under pressure from antivirus controls and a real estate slump but is gradually reviving after restrictions that kept millions of people at home were lifted.

Growth of the world's second largest economy slid to 2.9 per cent over a year earlier in December from the previous month's 3.9 per cent, government data showed Tuesday.

Forecasters say activity is reviving but wary consumers are returning only gradually to shopping malls and restaurants amid a surge in COVID-19 infections. The government says the peak of that wave appears to have passed.

Last year's expansion was less than half of 2021's 8.1 per cent growth

RECENT STORIES

Crude Oil Jumps After Iran Naval Drill Near Strait Of Hormuz, WTI At $64 & Brent Below $69 Amid...
Crude Oil Jumps After Iran Naval Drill Near Strait Of Hormuz, WTI At $64 & Brent Below $69 Amid...
HC Slams Brakes On Illegal High-Rise Threatening Naval Airbase & PM Landing Zone
HC Slams Brakes On Illegal High-Rise Threatening Naval Airbase & PM Landing Zone
Macron Begins 4-Day India Visit, Rafale Deal & AI Cooperation To Deepen India-France Strategic Ties
Macron Begins 4-Day India Visit, Rafale Deal & AI Cooperation To Deepen India-France Strategic Ties
IDFC FIRST Bank Launches FD-Backed Hello Cashback Credit Card, Offers Up To 5% Cashback On Online &...
IDFC FIRST Bank Launches FD-Backed Hello Cashback Credit Card, Offers Up To 5% Cashback On Online &...
NHAI Accepts ₹6,221 Crore Bid From NHIT For 310 Km Highway Asset Monetisation In Maharashtra &...
NHAI Accepts ₹6,221 Crore Bid From NHIT For 310 Km Highway Asset Monetisation In Maharashtra &...