China Posts GDP Contraction of 6.8% for Q1 of 2020
Time:Mon, 20 Apr 2020 07:39:59 +0800
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The Chinese economy shrank 6.8 percent year-on-year in the first quarter of 2020, after a 6 percent growth in the last three months of 2019 and compared with market forecasts of a 6.5 percent decline. It is the first GDP contraction since records began in 1992, reflecting the severe damage caused by the COVID-19 outbreak after the authorities enforced a near two-month-long shutdown of all non-essential business activity. The industrial sector dropped 9.6 percent, services fell 5.2 percent and the primary sector went down 3.2 percent. Car production recorded the sharpest decline of 44.6 percent.
GDP Growth Trends – 3 Years
|
Year
|
Quarter
|
GDP
|
Change
|
|
2020
|
Q1
|
-6.8%
|
-12.8%
|
|
2019
|
Q4
|
6.0%
|
0.0%
|
|
2019
|
Q3
|
6.0%
|
-0.2%
|
|
2019
|
Q2
|
6.2%
|
-0.2%
|
|
2019
|
Q1
|
6.4%
|
0.4%
|
|
2018
|
Q4
|
6.0%
|
-0.7%
|
|
2018
|
Q3
|
6.7%
|
-0.2%
|
|
2018
|
Q2
|
6.9%
|
0.0%
|
|
2018
|
Q1
|
6.9%
|
0.1%
|
|
2017
|
Q4
|
6.8%
|
-0.1%
|
|
2017
|
Q3
|
6.9%
|
-0.1%
|
|
2017
|
Q2
|
7.0%
|
|
|
|
