Guangzhou (JLC), April 18, 2022--China's gross domestic production grew 4.8% year on year to 27.02 trillion yuan (about 4.24 trillion U.S. dollars) in the first quarter of 2022, data from the National Bureau of Statistics (NBS) showed Monday.
The growth accelerated from a 4.0% increase in the fourth quarter last year, despite an increasingly complex international environment and resurgences of COVID-19 cases at home.
The economy posted a stable performance with continued recovery as China struck a balance between epidemic control and economic and social development, NBS spokesperson Fu Linghui told a press conference.
After a strong rebound in 2021, China witnessed some unexpected challenges at the beginning of this year, with a volatile global situation and multiple sporadic COVID-19 outbreaks on the domestic front. The downward economic pressure is on the rise and some major indicators have seen slower increases, according to Fu.
A breakdown of Monday's data shows that value-added industrial output posted a stable 6.5% year-on-year increase in the first quarter, fixed-asset investment jumped 9.3% and retail sales of consumer goods gained 3.3%.
