BUSINESS Virus-hit Chinese economy shrinks 6.8 pct in Q1

BUSINESS

Virus-hit Chinese economy shrinks 6.8 pct in Q1

Xinhua

10:00, April 17, 2020

resumption.jpg

Workers are busy on the production lines at the workshop of Dongfeng Passenger Vehicle Company in Wuhan, central China's Hubei Province, March 24, 2020. (File photo: Xinhua)

BEIJING, April 17 (Xinhua) -- China's gross domestic product stood at 20.65 trillion yuan (about 2.91 trillion U.S. dollars) in the first quarter of 2020 amid COVID-19 impact, down 6.8 percent year on year, data from the National Bureau of Statistics (NBS) showed Friday.

The country's economic and social development witnessed overall stability in Q1, the NBS said at a press conference, while acknowledging that the COVID-19 outbreak had posed a severe test.

A breakdown of the data showed output of the service sector, which accounted for nearly 60 percent of the total GDP, dropped by 5.2 percent, while primary industry and the secondary industry saw a decline of 3.2 percent and 9.6 percent, respectively.

"The situation of epidemic control and prevention continued to improve with a basic interruption in epidemic transimission at home," the NBS said, adding that the resumption of work and production has accelerated and fundamental industries are growing steadily.

Friday's data showed China's job market improved slightly in March, with the surveyed unemployment rate in urban areas standing at 5.9 percent, down 0.3 percentage points from the previous month.

China's industrial output falls 8.4 pct in Q1

China's value-added industrial output, an important economic indicator, fell 8.4 percent in the first quarter of this year, as the novel coronavirus outbreak deals a huge blow to industrial production, data from the National Bureau of Statistics showed Friday.

China's retail sales down 19 pct in Q1

China's retail sales of consumer goods, a major indicator of consumption growth, declined 19 percent year on year in the first quarter of this year as the novel coronavirus outbreak hit the economy, the National Bureau of Statistics (NBS) said Friday.

China's fixed-asset investment down 16.1 pct in Q1

China's fixed-asset investment (FAI) declined 16.1 percent year on year to 8.41 trillion yuan (about 1.19 trillion US dollars) in the first quarter of 2020, the National Bureau of Statistics (NBS) said Friday.

China's resident nominal disposable income up 0.8 pct

China's per capita disposable income stood at 8,561 yuan (about 1,211 U.S. dollars) in the first quarter, up 0.8 percent year on year in nominal terms, official data showed Friday.

China's property investment down 7.7 pct in Q1

China's investment in property development declined 7.7 percent year on year in the first quarter of 2020, narrowed from the 16.3-percent drop in the first two months, the National Bureau of Statistics said Friday.

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