China’s economy grew by 3 percent year-on-year in 2022. Annual growth was the lowest since 1976 in China after 2020, when the first effects of the Covid-19 outbreak were felt.
According to the National Bureau of Statistics (UIB), Gross Domestic Product (GDP) reached 121 trillion yuan (approximately $18 trillion) in the January-December 2022 period, an increase of 3 percent compared to the previous year. This was the lowest annual revenue growth recorded in China since 1976, after growth of 2.2 percent in 2020, when the first effects of the Kovid-19 outbreak were felt. The growth rate fell short of the Chinese government’s target of 5.5 percent for 2022. After the last contraction in 1976, the Chinese economy maintained high growth rates for most of the 46 years, except for 2020. LAST QUARTER GROWTH 2.9 PERCENT UİB reported that the growth in the last three months of the year was 2.9 percent. The Chinese economy grew by 4.8 percent in the first quarter of 2022, 0.4 percent in the second quarter, and 3.9 percent in the third quarter. The closure measures and quarantine restrictions applied due to the Covid-19 outbreaks triggered by Omicron cases in China were effective in the fluctuation in the growth rate. Due to the epidemic prevention policy called “zero cases” implemented by China in this period, many cities with a large population and home to key industries and business lines went into full or partial closure, while quarantine, travel restrictions, enterprises in the manufacturing, trade and services sectors Strict and large-scale measures requiring the suspension of its activities had resulted in large-scale economic losses. In the last month of the year, the Beijing administration made a sudden change of direction in its Covid-19 policy, ending the control measures and reopening its borders to the world.
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