China's economy expands 4.8% in Q1
Country's GDP at $4.25T in January-March period, shows official data
China’s economy expanded 4.8% on an annual basis to 27 trillion yuan ($4.25 trillion) in the first quarter of the year, according to provisional official data released on Monday.
The country’s gross domestic product (GDP) was also up 1.3% from the previous quarter.
The US dollar/Chinese yuan exchange rate averaged at 6.35 during the first quarter of 2021.
Despite increasing COVID-19 cases in the country and the complex international environment, China achieved sustainable economic recovery thanks to strictly implemented decisions and measures, the National Bureau of Statistics said.
During the January-March period, the country’s agriculture sector enlarged by 4.8% “with generally favorable weather conditions and stronger agricultural production services.”
Meat production increased by 8.8%, milk by 8.3% and eggs by 2.5%, the data showed.
On the industry side, the sector grew 6.5% year-on-year in the first quarter.
“In terms of sectors, the value-added mining increased by 10.7% year-on-year, manufacturing increased by 6.2%, and production and supply of electricity, thermal power, gas and water increased by 6.1%,” it added.
China’s services sector also expanded by 2.5%, particularly software and information technology services and financial intermediation, which grew by 10.8% and 5.1% year-on-year, respectively.
