KONTAN.CO.ID - BEIJING. China's economy hit a bump in the fourth quarter, growing by 2.9% year-on-year, National Bureau of Statistics data showed on Tuesday, beating expectations but still underlining the toll exacted by a stringent "zero-COVID" policy. Gross domestic product (GDP) had been forecast to expand 1.8% from a year earlier, according to a Reuters poll of analysts, slowing from 3.9% in the third quarter. Growth for 2022 was at 3.0%, the data showed, far below the official target of around 5.5%. Excluding the 2.2% expansion after COVID first hit in 2020, this is the worst showing in nearly half a century.
China's Q4 Growth Slows to 2.9% y/y, Beats Expectations
KONTAN.CO.ID - BEIJING. China's economy hit a bump in the fourth quarter, growing by 2.9% year-on-year, National Bureau of Statistics data showed on Tuesday, beating expectations but still underlining the toll exacted by a stringent "zero-COVID" policy. Gross domestic product (GDP) had been forecast to expand 1.8% from a year earlier, according to a Reuters poll of analysts, slowing from 3.9% in the third quarter. Growth for 2022 was at 3.0%, the data showed, far below the official target of around 5.5%. Excluding the 2.2% expansion after COVID first hit in 2020, this is the worst showing in nearly half a century.