The Chinese economy shrank by a seasonally adjusted 2.6% on quarter in the three months to June 2022, compared with market estimates of 1.5% drop and after an upwardly revised 1.4% growth in the previous quarter. This was the first quarterly contraction since the first quarter of 2020, when an outbreak of COVID-19 in Wuhan, first detected in late 2019, turned into a full blown epidemic. Full or partial lockdowns were imposed in major Chinese cities from March through May of 2022, including the financial and commerce hub of Shanghai. China's statistics agency highlighted that the downward pressure on the economy has increased significantly from the June quarter onwards, with severe impacts from unforeseen factors. “The foundation of sustained economic recovery is not stable,” it said, amid rising inflation risks globally, tightening monetary policies in major economies, and the impact of domestic virus outbreaks. source: National Bureau of Statistics of China
GDP Growth Rate in China averaged 1.60 percent from 2010 until 2022, reaching an all time high of 11.60 percent in the second quarter of 2020 and a record low of -10.50 percent in the first quarter of 2020. This page provides - China GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. China GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2022.
GDP Growth Rate in China is expected to be 1.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China GDP Growth Rate is projected to trend around 1.10 percent in 2023 and 1.30 percent in 2024, according to our econometric models.