China’s economy grew by 3.2% in the last quarter of the year, indicating that the country would likely be on track for a V-shaped recovery and that its darkest days of the virus would possibly end.
That’s more than the expansion Reuters economists were calling for at 2.5%.
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China’s National Bureau of Statistics said in a statement: “Given the continued spread of the epidemic around the world, the huge evolution has an effect on the epidemic on the global economy and the particularly expanding external dangers and challenges, domestic economic recovery was still under pressure. Fixed “
Earlier this month, it was learned that the PMI of Caixin facilities in China peaked in a decade in June, as economic activity continued in the first country affected by coronavirus.
China’s production activity also peaked for six months in June.
But even though the economy grew in the last quarter of the year, retail activity remained weak.
Retail activity in China fell by 3.9% year-on-year at the time quarter. This is the fifth consecutive drop in retail activity in China.
In June, general retail sales of customer goods fell by 1.8% year-on-year. Reuters economists expected retail sales to reach 0.3%.