China says it posted 8.1% GDP growth last year, and 3 other key takeaways from the country's most recent data dump
Added 01-17-22 05:14:03am EST - “The Chinese government has warned of a "triple pressure of demand contraction, supply shock and weakening expectations."” - Businessinsider.com
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Posted By TheNewsCommenter: From Businessinsider.com: “China says it posted 8.1% GDP growth last year, and 3 other key takeaways from the country's most recent data dump”. Below is an excerpt from the article.
China announced that its economy grew 8.1% last year, beating expectations even as the COVID-19 pandemic stretched into its second year.
The growth rate was well above Beijing's target of "above 6%" and 2020's revised growth of 2.2%. Meanwhile, analysts polled by Reuters had forecast a 8.0% growth rate.
However, all is not well with the world's second-largest economy. The Chinese government is warning of a "triple pressure of demand contraction, supply shock and weakening expectations" amid the spread of the Omicron variant, which has reached capital city Beijing.
Here are four key takeaways from the most recent report from China's National Bureau of Statistics, released today. Importantly, the accuracy of some of the data in the report, including GDP figures, is called into question: Bo Zhuang, a China economist at Boston-based investment management firm Loomis Sayles, told Insider the headline GDP figure is "systematically inflated" due to how it's calculated.
China's GDP grew 4.0% on-year in the fourth quarter of 2021, marking a slowdown from 4.9% in the third quarter and 7.9% in the second quarter, according to official data.
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