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The Chinese economy suffered from the effects of the coronavirus pandemic and fell sharply by 6.8% in the first quarter, according to official Chinese government sources.
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Xinhua – China’s gross domestic product (GDP) was 20.65 trillion yuan (US $ 2.91 trillion) in the first quarter of 2020 amid the impact of covid-19, an annualized low of 6.8%, which is shown in this Friday data of the National Statistics Department (DNE).
The country’s economic and social development remained broadly stable in the first quarter of the year, the DNE said at a press conference, while acknowledging that the covid-19 outbreak has been severe test.
The data showed that the production of the services sector, which represents around 60% of total GDP, fell by 5.2%, while the primary and secondary industries registered decreases of 3.2% and 9.6%, respectively.
“The epidemic control and prevention situation has continued to improve with a basic interruption in the transmission of the epidemic in the country,” said the DNE, adding that the resumption of work and production is accelerating and that key industries they are constantly growing.
Friday’s figures showed that China’s labor market improved slightly in March, with a surveyed unemployment rate in urban areas of 5.9%, a decrease of 0.3 percentage points from the previous month.
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