BEIJING – China’s economy grew 18.3% in the first quarter from a year earlier, a record rate of growth that reflected the recovery from a deep coronavirus-induced depression in early 2020 and the continued momentum of the second largest economy in the world.
The growth rate of gross domestic product in the first three months of 2021 was sharply higher than the 6.5% increase compared to last year in the last quarter of 2020, although it decreased compared to the expected 19.2% increase by economists surveyed by The Wall Street Journal.
Analysts had predicted GDP growth in the first three months of the year to rise sharply compared to the previous period, when the Chinese economy contracted by 6.8%, as the initial appearance of the coronavirus forced Beijing to close large areas of the country.
In recent weeks, China has reported economic indicators showing an increase of 30% or more from a year earlier.
The year-on-year GDP growth rate will almost certainly change in the coming quarters, as the Chinese economy is measured in relation to higher levels than in the previous year. China’s economy began to recover in the second quarter of 2020 and recorded higher year-on-year growth figures in the remaining quarters of the year.