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Chinese economy narrows due to coronavirus crisis

Chinese economy narrows due to coronavirus crisis

The shrinking was more than expected, and the first decline since at least 1992 when official quarterly GDP records started.
17.04.2020 - 11:51

The Chinese economy contracted by 6.8% year-on-year in the first quarter this year due to the novel coronavirus pandemic, according to official data revealed on Friday.


China faced with "severe test of coronavirus outbreak" in the first three months of 2020, however, the situation was brought under control and business/production activities accelerated in the country, said the National Bureau of Statistics.

"According to the preliminary estimates, the gross domestic product of China was 20.65 trillion yuan ($2.9 trillion) in the first quarter of 2020, a year-on-year decrease of 6.8 percent at comparable prices," it noted.

During the January-March period, while industrial and services production, market sales, investments, foreign trade, unemployment and incomes per capita posted declines, while agricultural production was steady, the bureau said.