China's Q1 GDP fell 6.8% y/y on COVID-19 shutdown
- 4 years ago
중국 1분기 성장률 -6.8% '사상 최저'...코로나19 충격 현실로
China's economy shrank -6-point-8 percent in the first three months of 2020 compared with a year earlier, the first such contraction since Beijing began reporting quarterly GDP in 1992.
The collapse foreshadows the pain expected in the U.S. and around the world as the coronavirus pandemic shuts borders, halts business activity and cripples global supply chains.
Yoon Jungmin has the details.
The Chinese economy contracted for the first time in decades in the first quarter.
China's National Bureau of Statistics said Friday... that from January to March the country's GDP was down 6-point-8 percent on year.
Compared to the previous quarter, growth declined by 12 percentage points.
This is the first time China has officially posted negative growth for any period since 1976, though quarterly figures weren't published until 1992.
To stop the coronavirus epidemic, the Chinese government imposed large-scale shutdowns in January... and only gradually resumed economic activities in March.
In the first quarter, China's industrial production fell by more than 8 percent on-year,... while retail sales slumped 19 percent.
"There has been an clear improvement in March compared with January and February. With the reopening of business and production and the continuous adoption of more dynamic policies, performance in the second quarter will be better."
In its latest report, the International Monetary Fund has predicted China's economy will grow by only 1-point-2 percent this year.
That's far lower than its earlier projection of 6-percent growth,... but significantly better than the IMF's forecast of minus 2-point-8 percent, on average, for the G20 nations as a whole.
To boost the Chinese economy, the authorities are expected to implement policies of intensive monetary and fiscal expansion.
Yoon Jung-min, Arirang News.
China's economy shrank -6-point-8 percent in the first three months of 2020 compared with a year earlier, the first such contraction since Beijing began reporting quarterly GDP in 1992.
The collapse foreshadows the pain expected in the U.S. and around the world as the coronavirus pandemic shuts borders, halts business activity and cripples global supply chains.
Yoon Jungmin has the details.
The Chinese economy contracted for the first time in decades in the first quarter.
China's National Bureau of Statistics said Friday... that from January to March the country's GDP was down 6-point-8 percent on year.
Compared to the previous quarter, growth declined by 12 percentage points.
This is the first time China has officially posted negative growth for any period since 1976, though quarterly figures weren't published until 1992.
To stop the coronavirus epidemic, the Chinese government imposed large-scale shutdowns in January... and only gradually resumed economic activities in March.
In the first quarter, China's industrial production fell by more than 8 percent on-year,... while retail sales slumped 19 percent.
"There has been an clear improvement in March compared with January and February. With the reopening of business and production and the continuous adoption of more dynamic policies, performance in the second quarter will be better."
In its latest report, the International Monetary Fund has predicted China's economy will grow by only 1-point-2 percent this year.
That's far lower than its earlier projection of 6-percent growth,... but significantly better than the IMF's forecast of minus 2-point-8 percent, on average, for the G20 nations as a whole.
To boost the Chinese economy, the authorities are expected to implement policies of intensive monetary and fiscal expansion.
Yoon Jung-min, Arirang News.