China's economic growth falls to 3% in 2022, not even half 2021's rate

Growth of the world's second largest economy slid to 2.9 per cent over a year earlier in December from the previous month's 3.9 per cent, government data showed Tuesday

China, China Covid, China economy
AP Beijing
1 min read Last Updated : Jan 17 2023 | 9:16 AM IST

China's economic growth fell to 3 per cent last year under pressure from antivirus controls and a real estate slump but is gradually reviving after restrictions that kept millions of people at home were lifted.

Growth of the world's second largest economy slid to 2.9 per cent over a year earlier in December from the previous month's 3.9 per cent, government data showed Tuesday.

Forecasters say activity is reviving but wary consumers are returning only gradually to shopping malls and restaurants amid a surge in COVID-19 infections. The government says the peak of that wave appears to have passed.

Last year's expansion was less than half of 2021's 8.1 per cent growth.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Topics :China economyChinese governmentXi Jinping

First Published: Jan 17 2023 | 9:16 AM IST

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