BEIJING, Jan 17 (Reuters) – China’s economy grew 4.0 percent year on year in the fourth quarter, faster than expected, data from the National Bureau of Statistics (NBS) showed on Monday.
Analysts polled by Reuters expected gross domestic product (GDP) to rise 3.6% year on year. However, this is its weakest increase in a year and a half.
China’s GDP grew 8.1% in 2021. Analysts polled by Reuters had expected an 8.0% rise.
On a quarterly basis, the Chinese economy grew by 1.6% over the October-December period, against +0.7% in final reading in the previous quarter, while the consensus was +1.1%.
The Chinese economy had started 2021 with a bang before seeing its rebound weaken due to the decline in the real estate sector, the limit on debt and restrictions linked to the coronavirus epidemic, which have consumption.
Chinese leaders pledged further support for the economy, which will face multiple headwinds in 2022.
Other statistics released on Monday show that industrial production rose 4.3% in December, against 3.8% the previous month.
This is better than the expectations of analysts who anticipated an increase of 3.6%.
Retail sales had to rise 1.7% year-on-year, their slowest pace since August 2020. Analysts had expected a 3.7% rise after a 3. 9% in November.
Investments in fixed assets increased by 4.9% in 2021, against an increase of 5.2% over the first 11 months of the year, while the consensus was +4.8%.
(Report Kevin Yao and Gabriel Crossley; French version Camille Raynaud)