China's Q4 GDP grows 4.0% y/y, faster than expected

Monday, 2022-01-17 12:11:44
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China's economy got off to a strong start in 2021 as activity rebounded from a pandemic-induced slump the previous year.
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China's economy grew 4.0% in the fourth quarter from a year earlier, faster than expected but its weakest expansion in one-and-half years, National Bureau of Statistics data showed on Monday.

Gross domestic product (GDP) had been forecast to expand 3.6% from a year earlier, according to a Reuters poll of analysts, slowing from 4.9% in the third quarter.

GDP grew 8.1% in 2021, the data showed, faster than 8.0% expected by analysts.

On a quarter-on-quarter basis, GDP rose 1.6% in October-December, compared with expectations for a 1.1% rise and a revised 0.7% gain in the previous quarter.

China's economy got off to a strong start in 2021 as activity rebounded from a pandemic-induced slump the previous year, but it has lost steam due to a property downturn, debt curbs and strict COVID-19 curbs which have hit consumption.

Chinese leaders have pledged more support for the economy, which is facing multiple headwinds into 2022.

* China expects the operation of its property market to keep pace with steady growth of investment in the sector this year, Ning Jizhe, the head of the statistics bureau, said on Monday.

He told a news conference that there was room for monetary policy to support growth, and added that he expected China's population to stay above 1.4 billion in the foreseeable future.