China's GDP rose by 18.3% y/y in Q1 2021 on the back of low base effects
In Q1 2021, China's GDP increased on a real terms basis by 18.3% y/y. It was the largest GDP growth since the quarterly statistics were first compiled in 1992. However, it was assisted by a low base thanks to the unprecedented economic contraction of 6.8% y/y that occurred in the same period of last year due to the COVID-19 crisis lockdown, which also had an impact on industrial production and retail sales. Based on a two-year average growth, GDP increased by 5% in Q1 2021.
The growth accelerated from 6.5% y/y in Q4 2020, with last year’s growth rate averaging 2.3%.
Further data and analysis on China’s economy is available on the CEIC China Economy in a Snapshot – Q2 2021 report.