In a note shared by Goldman Sachs economists, they raised their 2023 growth projections for China to 5.5 percent from 5.2 percent.
According to the information released yesterday, the economy in the country grew by 2.9 percent in the last quarter of last year compared to the same period of the previous year, well above the 1.6 percent projections.
December indicators in retail sales, industrial production and unemployment in the country also exceeded analyst claims.
Goldman economists stated that the December data were surprising due to the Kovid-19 events and generalized workforce thoughts.
grew 3 percent in 2022
According to the data of China’s National Statistics Office, Gross Domestic Product (GDP) reached 121 trillion yuan (approximately $18 trillion) in the January-December 2022 period, an increase of 3 percent compared to the previous year. This was the lowest annual revenue increase recorded in China since 1976, following the 2.2 percent growth in 2020, when the first effects of the Kovid-19 outbreak were felt.
The growth rate also fell short of the Chinese government’s target of 5.5 percent for 2022.