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 $30 Billion FII Test And 60% Debt-To-GDP Discipline, Why AI, Capital Reforms & The 4Ps...
India’s $30 Billion FII Test And 60% Debt-To-GDP Discipline, Why AI, Capital Reforms & The 4Ps...
RBI Tightens Broker Funding Norms, 100% Collateral Mandatory From April 2026; No Bank Support For...
RBI Tightens Broker Funding Norms, 100% Collateral Mandatory From April 2026; No Bank Support For...
Mumbai Real Estate News: Reliance Industries Buys 3 Luxury Homes At One Altamount Road For ₹85...
Mumbai Real Estate News: Reliance Industries Buys 3 Luxury Homes At One Altamount Road For ₹85...
Government Approves Startup India 2.0 With ₹10,000 Crore Corpus To Boost Deep Tech & Regional...
Government Approves Startup India 2.0 With ₹10,000 Crore Corpus To Boost Deep Tech & Regional...
Signature Global Forms 50:50 JV With RMZ Group For ₹1,283 Crore Gurugram Mixed-Use Project
Signature Global Forms 50:50 JV With RMZ Group For ₹1,283 Crore Gurugram Mixed-Use Project