China’s Economy Grows For The First Time Since The Pandemic

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China’s Economy Grows For The First Time Since The Pandemic

21.07.2020 News

In the second quarter of 2020, China’s economy grew after a historic downturn in the previous three months. This was reported by Interfax with reference to the State Statistical Office of China on Thursday, June 16.

Thus, China’s GDP in April-June increased by 3.2% compared to the same period last year.

The recovery was caused by the easing of restrictions imposed inside the country to prevent the spread of coronavirus, as well as a number of stimulus measures launched by the Chinese authorities to restore economic activity.

Analysts polled by Trading Economics expected GDP growth in the second quarter by 2.5% on average. Bloomberg respondents forecast growth of 2.4%, while respondents from The Wall Street Journal expect 2.6%.

GDP growth by the first quarter in April-June was 11.5% with analysts expected an increase of 9.6%. This is the highest in history GDP growth in quarterly terms. In January-March, China’s economy fell by 9.8% compared to the previous quarter; GDP decline was also recorded for the first time.

In the first six months of this year, China’s economy shrank by 1.6% compared to the first half of 2019.

“In general, in the first half of the year, the national economy gradually overcame the negative effects of the pandemic and showed the dynamics of resumption of growth and gradual recovery further confirming the sustainability and viability of its development,” informs the press release.

At the same time, the agency notes that the economy is still under pressure, “given the continuing spread of coronavirus in the world, the severe consequences of the pandemic for the world economy and external risks and challenges which are growing significantly.”

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