China’s Economy Grows 3% in 2022 Despite Renewed Rounds of Covid Lockdowns

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Official data from the Chinese government points to 3% growth in national GDP in 2022, with growth rates varying tremendously by quarter as a result of renewed Covid suppression measures.

China’s economy achieved year-on-year (YoY) GDP growth of 3% in 2022 to reach 121.0207 trillion yuan (approx. USD$17.9 trillion), according to preliminary data released by the National Bureau of Statistics (NBS) on 17 January.

Growth rates by quarter were highly uneven due to the impacts of renewed rounds of Covid lockdowns, coming in at 4.8% year-on-year (YoY) for the first quarter, 0.4% for the second quarter, 3.9% for the third quarter and 2.9% for the final quarter.

Broken down by sector, the added-value of primary industry posted 4.1% growth compared to 2021 to reach 8.8345 trillion yuan. The added value of secondary industry grew 3.8% to reach 48.3164 trillion yuan, while the added value of tertiary industry grew 2.3% to reach 63.8698 trillion yuan.

The added value of the services sector grew 2.3% in 2022, while fixed asset investment (not including rural households) rose 5.1% compared to 2021.

China’s full year trade in goods rose 7.7% in 2022, including 10.5% growth in exports to hit 23.9654 trillion yuan, and 4.3% growth in imports to reach 18.1024 trillion yuan.