China's economy sees stable start in Q1 2022

22 Apr '22

2 min read

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In the first quarter of this year (Q1), China’s national economic recovery was sustained and the operation of the economy was generally stable. According to preliminary estimates, the gross domestic product (GDP) in Q1 reached 27,017.8 billion yuan, up by 4.8 per cent year on year (YoY) at constant prices, or by 1.3 per cent over that in the fourth quarter (Q4) of 2021.

By industry, the value added of the primary industry was 1,095.4 billion yuan, up by 6 per cent YoY; that of the secondary industry was 10,618.7 billion yuan, up by 5.8 per cent; and that of the tertiary industry was 15,303.7 billion yuan, up by 4.0 per cent.

Industrial production grew fast and middle-high-end manufacturing industries enjoyed sound growth in Q1 2022. The total value added of industrial enterprises above the designated size grew by 6.5 per cent YoY, according to an official release.

The total retail sales of consumer goods in Q1 2022 reached 10,865.9 billion yuan, up by 3.3 per cent YoY and online retail sales reached 3,012.0 billion yuan, up by 6.6 per cent YoY.

Import and export of goods witnessed rapid growth in Q1 2022 and trade structure continued to optimise. The total value of imports and exports of goods in that duration was 9,415.1 billion yuan, an increase of 10.7 per cent YoY. The total value of exports was 5,226.0 billion yuan, up by 13.4 per cent YoY; that of imports was 4,189.1 billion yuan, up by 7.5 per cent YoY.

The trade balance was 1,036.9 billion yuan in surplus. The service sector continued to recover as well in Q1 2022.

ALCHEMPro News Desk (DS)

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