China's first quarter GDP beats expectations to grow 4.8% year-on-year

cnbc.com:

BEIJING — China's first quarter GDP grew faster than expected despite the impact of Covid lockdowns in parts of the country in March, according to data released by the National Bureau of Statistics Monday.

First quarter GDP rose by 4.8%, topping expectations of a 4.4% increase from a year ago. However, retail sales in March fell by a more-than-expected 3.5% from a year earlier. Analysts polled by Reuters anticipated a 1.6% decline.

Fixed asset investment for the first quarter rose by 9.3% from a year ago, topping expectations for 8.5% growth.

Industrial production in March rose by 5%, beating the forecast for 4.5% growth.

The urban unemployment rate ticked higher in March to 5.8%, up from 5.5% in February. The unemployment rate for those aged 16 to 24 remained far higher at 16%.

Beginning in March, the country has struggled to contain its worst Covid outbreak since the initial phase of the pandemic in 2020. Back then, lockdowns across more than half the country resulted in a 6.8% contraction in first quarter growth from a year earlier.

«We must be aware that with the domestic and international environment becoming increasingly complicated and uncertain, the economic development is facing significant difficulties and challenges,» the bureau said in a statement.

«We must coordinate the efforts of Covid-19 prevention and control and economic and social development, make economic stability our top priority and pursue progress while ensuring stability, and put the task of ensuring stable growth in an even more prominent position,» the statement said.

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