China reported that its gross domestic product (GDP) grew an annualized 3% in 2022, beating the expectations of economists.
China’s 3% GDP growth was better than the 2.8% forecast of economists who were surveyed in a Reuters News Agency poll. However, the 2022 GDP number missed the official target of 5.5% annualized growth set by the Chinese government in Beijing.
China’s fourth-quarter GDP rose 2.9%, beating expectations of 1.8% growth.
China’s economy outpaced rivals such as Germany, the U.S. and Japan during 2022 despite ongoing COVID-19 lockdowns and civil unrest in the nation of 1.4 billion people.
However, retail sales in China fell by 0.2% for the year. In December, retail sales declined by 1.8% from a year earlier.
Industrial production rose by 3.6% in 2022 and increased by 1.3% in December. Fixed asset investments for 2022 gained 5.1%, slightly above the 5% expected by economists who were surveyed by Reuters.
China’s unemployment rate in cities was 5.5.% as of December 31, 2022, while the unemployment rate for people aged 16 to 24 remained higher at 16.7%.
China’s real estate market remains in a slump despite the government easing financing restrictions placed on developers and homebuyers.
In December, China’s exports and imports each declined, though less than economists had forecast.
Going forward, economists anticipate a drop in demand for Chinese goods due to an economic slowdown in Europe and the U.S.
