China Experienced 8.1% Economy Growth In 2021

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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.

Retail sales dropped 3.9% in 2020 even though China’s overall economy grew amid the pandemic. Consumer spending has since remained sluggish, partly as travel restrictions have kept a damper on tourism.

In 2021, overall retail sales grew by 12.5% from the prior year’s contraction, and also topped 2019 levels.

China’s gross domestic product grew by 2.2% in 2020 from the prior year. That’s according to the latest figures from the National Bureau of Statistics, which in December released an annual data revision that reduced 2020 GDP growth by 0.1 percentage point.

Compared with the initial release earlier in 2021, real estate, transport industries and accommodation and restaurants saw the greatest downward revision. Renting, leasing activities and business services saw the greatest increase, followed by manufacturing.

– CNBC

 

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