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BEIJING: China’s economy grew faster than expected in the first quarter, data showed on Tuesday, offering some relief to officials as they try to shore up growth in the face of protracted weakness in the property sector and mounting local govt debt.
However, several March indicators released alongside the GDP data showed that demand at home remains frail, weighing on overall momentum.The world’s second-largest economy grew 5.3% in Jan-March from the year earlier, official data showed, comfortably above a 4.6% analysts’ forecast in a poll and up from the 5.2% expansion in the previous quarter. On a quarterly basis, growth picked up to 1.6% from 1.4% in the previous three months.
“The strong growth figure goes a long way in achieving China’s around 5% target for the year,” said Harry Murphy Cruise, economist at Moody’s Analytics.
However, several March indicators released alongside the GDP data showed that demand at home remains frail, weighing on overall momentum.The world’s second-largest economy grew 5.3% in Jan-March from the year earlier, official data showed, comfortably above a 4.6% analysts’ forecast in a poll and up from the 5.2% expansion in the previous quarter. On a quarterly basis, growth picked up to 1.6% from 1.4% in the previous three months.
“The strong growth figure goes a long way in achieving China’s around 5% target for the year,” said Harry Murphy Cruise, economist at Moody’s Analytics.
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