China’s GDP grew 8.1% in 2021 riding out a slump in the second half of the year when the economy was besieged by a crippling power shortage, real estate sector turmoil and a drop in consumption because of Covid-19-related restrictions.
China’s National Bureau of Statistics (NBS) said on Monday that fourth-quarter GDP rose 4 percent from a year earlier. While the pace of growth was slower than in the third quarter, it was higher than the 3.6 percent growth forecast in a Reuters poll.
The growth rates in the first, second and third quarters were 18.3%, 7.9% and 4.9% respectively. Growth in the fourth quarter was the weakest in a year and a half.
China’s total GDP will reach 114.37 trillion yuan ($18 trillion) in 2021, the National Bureau of Statistics said.
China’s state media said the 8.1 percent growth rate was the fastest in nearly a decade and well above the government’s annual target of more than 6 percent growth.
In 2020, affected by the Covid-19 pandemic, China’s economy grew by about 2.3%, making it the only major economy to grow that year.
Complete News Source : Hindustan Times
