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

India’s EPC Hiring Up 51 Per Cent In 5 Years; 2.27 Lakh Jobs Added, Talent Shortage Persists:...

India’s EPC Hiring Up 51 Per Cent In 5 Years; 2.27 Lakh Jobs Added, Talent Shortage Persists:...

Non-Banking Financial Company SMFG India Credit Introduces Paid Menstrual Leave Policy For All Women...

Non-Banking Financial Company SMFG India Credit Introduces Paid Menstrual Leave Policy For All Women...

The Next Focus Of The Government Is On Customs Tax System Simplification After Income Tax & GST...

The Next Focus Of The Government Is On Customs Tax System Simplification After Income Tax & GST...

PM Surya Ghar Witnesses 24 Lakh Households Installing Rooftop Solar, Boosting Net-Zero Emissions

PM Surya Ghar Witnesses 24 Lakh Households Installing Rooftop Solar, Boosting Net-Zero Emissions

Home Loan Rates Stoop Low Before RBI's 5.25% Repo Rate Cut Glory, Mimic Covid-19 Price Patterns

Home Loan Rates Stoop Low Before RBI's 5.25% Repo Rate Cut Glory, Mimic Covid-19 Price Patterns