China’s economy grew by 4.5% in the first quarter as consumption got a boost after Beijing abandoned years of COVID-19 curbs, reports Nikkei Asia. The year-on-year figures from China’s National Bureau of Statistics—which follow a 2.9% GDP rise in the fourth quarter—beat expectations for growth of around 4% and marked the strongest expansion since early last year.
“GDP rebounded more quickly than expected in Q1 thanks to a rapid return to normality following last year’s virus disruptions,” Capital Economics said in a report after the figures were published. “The speed of the recovery has exceeded even our relatively upbeat expectations.”
China has been struggling to cement a post-pandemic recovery, with weaker global growth and soaring tensions with Washington clouding the outlook. The government is forecasting an expansion of around 5% this year, a modest target after the economy grew just 3% in 2022, among the weakest annual rates in decades.