Police in protective mask on a street in the Chinese city of Guangzhou
China’s economy in the first half of the year has overcome the negative impact of the pandemic coronavirus.
China’s economy returned to growth in the second quarter of 2020, after a historic decline in the previous three months. It is reported by Interfax, citing data from the national Bureau of statistics of China Thursday, June 16.
Thus, the volume of China’s GDP in April-June increased by 3.2% compared to the same period last year.
Economic recovery contributed to the weakening of the restrictions imposed in the country to prevent the spread of coronavirus, and a number of stimulus measures deployed by Chinese authorities to restore economic activity.
Analysts polled by Trading Economics, the average expected increase of GDP in the second quarter by 2.5%. Respondents Bloomberg had forecast growth of 2.4%, respondents to The Wall Street Journal – by 2.6%.
GDP growth compared to the first quarter in April-June amounted to 11.5% is expected by analysts to increase by 9.6%. This is the maximum in the history of the rise of the GDP in quarterly terms. In January-March, the Chinese economy fell by 9.8% compared to the previous quarter, the decline in GDP was also recorded for the first time.
For the six months of this year, China’s economy fell by 1.6% compared to the first half of 2019.
“Overall, the national economy in the first half to gradually overcome the negative impact of the epidemic and demonstrated the dynamics of recovery growth and gradual recovery, even more confirming the stability and viability of its development”, – stated in a press release the national Bureau of statistics of China.
At the same time, the statistical Department said that the economy is still under pressure, “given the continuing spread of coronavirus in the world, heavy consequences for the world economy and significantly growing external risks and challenges”.
We will remind, in the first quarter of 2020, China’s GDP collapsed by 6.8% in annual terms. It was the first decline of the economy since the commencement of publication of quarterly GDP data in 1992.