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China’s Economy Expanded 4.8% in First Quarter, Beating Expectations
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BEIJING—China’s economy expanded 4.8% from a year earlier in the first three months of the year, beating market expectations as the largest domestic Covid-19 outbreaks in two years disrupted business operations and dampened consumer spending.
The result, however, puts the economy on a trajectory that falls short of this year’s official target of expanding gross domestic product by 5.5%, a target that if attained would already mark the slowest annual expansion in more than a quarter-century. The outlook for the second quarter appears similarly bleak, economists say.
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