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China GDP: first major economy to show a recovery from coronavirus damage with 3.2 per cent growth in second quarter
- Industrial production and retail sales also improved in June as China’s economy continued its recovery from the coronavirus pandemic
- China’s economy shrank by 6.8 per cent in the first quarter of 2020 after the coronavirus shut down large swathes of the country
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What is gross domestic product (GDP)?
What is gross domestic product (GDP)?
China avoided a recession after its economy grew by 3.2 per cent in the second quarter of 2020, the first major economy to show a recovery from the damage caused by the coronavirus pandemic.
The world’s second largest economy had shrank by 6.8 per cent in the first three months of the year, the first contraction since the end of the Cultural Revolution in 1976.
The median forecast of analysts polled by Bloomberg had predicted a gross domestic product (GDP) growth rate of 2.4 per cent in the second quarter.
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A technical recession is defined as two consecutive quarters of contraction in gross domestic product.
The data confirmed that China will be probably the first major economy to achieve positive economic growth, with the United States, the European Union as well as Japan still struggling to reopen their economies.
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