China's economy grew 8.1% in 2021 compared to a year ago

cnbc.com:

BEIJING — China's economy grew by 8.1% in 2021 as industrial production rose steadily through the end of the year and offset a drop off in retail sales, according to official data from China's National Bureau of Statistics released Monday.

Fourth-quarter GDP rose by 4% from a year ago, according to the statistics bureau. That's faster than the 3.6% increase forecast by a Reuters poll. For the full year, China economists expected an average of 8.4% growth in 2021, according to financial data provider Wind Information.

Industrial production rose by 4.3% in December from a year ago, the bureau said, also beating Reuters' forecast of 3.6% growth. Notably, auto production grew for the first time since April, up by 3.4% year-on-year in December.

Fixed asset investment for 2021 grew by 4.9%, topping expectations for 4.8% growth. Investment in real estate rose by 4.4%, while that in infrastructure rose by 0.4%.

Investment in manufacturing grew by 13.5% in 2021 from a year ago, with that in special purpose machinery rising the most, up by 24.3% year-on-year, according to data accessed through Wind.

However, retail sales missed expectations and grew by 1.7% in December from a year ago. Analysts polled by Reuters had predicted a 3.7% increase.

«We must be aware that the external environment is more complicated and uncertain, and the domestic economy is under the triple pressure of demand contraction, supply shock and weakening expectations,» the bureau said in a statement.

The urban unemployment rate in December matched the average for the year of 5.1%. The unemployment rate for those aged 16 to 24 remained far higher at 14.3%.

«The better-than-expected GDP data doesn't change the big picture: China's economy is under multiple