Rolling coverage of the latest economic and financial news
- China’s GDP grew by 6.5% y/y in the fourth quarter, up from 4.9%
- Economy expanded by 2.3% last year – weakest in decades
- Factory growth strong, but consumers more cautious
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
China’s economy continues to recover with 2.6% QoQ GDP growth in Q4 and 6.5% annual growth. China is only major country to report positive growth rate in 2020; industrial production has exceeded expectations, while consumption has been a bit slower to recover #macrobond pic.twitter.com/FULzQCI0yG
The national economy recovered steadily, employment and living standards were ensured forcefully, and the main goals and tasks of economic and social development were accomplished better than expectation.
Industrial Production rose by an impressive 7.30% as the rest of the world’s insatiable demand for Made in China showed no signs of slowing down. By contrast, domestic data still showed the caution that has been prevalent throughout the year.
Retail Sales for December rose 4.60% versus 5.50% expected, a cause for joy in any other country but China. That likely reflects the Covid-19 restrictions in parts of the country and the freezing weather that has sent energy prices soaring.