China GDP data: China’s economy grew 4.5% in the first quarter, the fastest pace in a year
March urban surveyed unemployment rate 5.3%[Est. 5.5%; Prev. 5.6%]
March Retail sales 10.6% y/y.
Among them, retail sales of goods were 3.4 trillion yuan, which rose by 9.1%y/y; Total revenue for the catering industry was 370.7 billion yuan, which jumped 26.3%.
The investments in mining rose 0.6% y/y in Jan-March, and the manufacturing industry added 7.0% y/y.
Residential housing sales areas dropped by 1.8% y/y to 299 million square meters, and the total sales rose by 4.1% y/y to 3.05 trillion yuan.
Sentiment 94.71 ↑
Goldman Sachs said China’s first-quarter growth of 4.5% supports the firm’s full-year outlook for the economy to grow 6%.
“Today’s data are in line with our full-year bullish view for China growth,” Goldman Sachs’ chief China economist Hui Shan told CNBC.
“That is the kind of the rebound after the reopening [and] is at the core of why we have our above consensus forecast of 6% growth for the full year,” she said.
“Today’s data are in line with our full-year bullish view for China growth,” Goldman Sachs’ chief China economist Hui Shan told CNBC.
“That is the kind of the rebound after the reopening [and] is at the core of why we have our above consensus forecast of 6% growth for the full year,” she said.
China’s economy is likely to see another boost from government stimulus later in the year, NF Trinity’s managing director Helen Zhu told CNBC’s “Street Signs Asia” shortly after the data release.
“I think we’re going to be tracking higher than the 5% target for the second quarter, and hopefully by the third quarter, a lot of the policy stimulus would have come through,” she said.
She added that the latest reading pushes back against skeptics of China’s ability to reach its 2023 full-year growth target and will likely lead to upward revisions in GDP forecasts accordingly.
“I think we’re going to be tracking higher than the 5% target for the second quarter, and hopefully by the third quarter, a lot of the policy stimulus would have come through,” she said.
She added that the latest reading pushes back against skeptics of China’s ability to reach its 2023 full-year growth target and will likely lead to upward revisions in GDP forecasts accordingly.
“We expect GDP to grow faster at 6.0% YoY in the second quarter. We keep the full-year GDP forecast at 5% as external demand should be a concern for the year,” Pang wrote.
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