China’s Q1 GDP Surges 18.3% YoY, Two Year Average Growth Rate at 5.0%

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Chinese GDP in the first quarter of 2021 has seen a surge compared to the same period last year, given the low base created by the spread of the COVID-19 pandemic in early 2020.

China’s Q1 GDP was 24.931 trillion yuan for a YoY rise of 18.3% and an increase of 10.3% compared to the first quarter of 2019, according to preliminary estimates released by the National Bureau of Statistics (NBS). The Q1 GDP growth rate makes for a two year average growth rate of 5.0%.

Primary sector added value was 1.1332 trillion yuan in the first quarter, for a YoY rise of 8.1%, and a two year average of 2.3%.

Secondary industry added value was 9.2623 trillion yuan, for a YoY rise of 24.4%, and a two year average of 6.0%, while tertiary industry added value was 14.5355 trillion yuan, for a YoY rise of 15.6%, and a two year average of 4.7%.

The agricultural sector saw YoY growth in its Q1 added value of 3.3%, for a two year average of 3.4%, while growth in the added value of large-scale industrial enterprises was 24.5%, for an on-quarter rise of 2.01% and a two-year average of 6.8%.

Q1 social consumer good retail sales totalled 10.5221 trillion yuan, for a YoY rise of 33.9%, an on-quarter rise of 1.86%, and a two year average of 4.2%.

Nationwide fixed asset investment (excluding agricultural units) in the first quarter was 9.5994 trillion yuan, for a YoY rise of 25.6%, an on-quarter rise of 2.06% and a two year average of 2.9%.

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