Reuters: China’s fourth quarter GDP grows 6.5% year-on-year, beats expectations as recovery gains momentum
Tue January, 2021, Age: 3 years
According to economic data released by China’s National Bureau of Statistics Monday, China’s GDP grew by 6.5% in the fourth quarter compared to the same period last year. This edged out analysts’ more modest expectations of 6.1% Q4 GDP growth and ultimately means that China’s economy expanded by 2.3% in 2020, making it the only major world economy not to contract in pandemic plagued 2020. Economic growth was spurred on by a strong export sector; however, there are signs of lagging domestic consumption which may weigh on economic growth moving into 2021. Nevertheless, a stronger than expected economic recovery has enabled China to reign in some of its monetary support initiatives aimed at helping the country weather the pandemic.