China’s economy shrinks for first time in 28 years
Saturday, 04 18 2020, Category: Economy, Country: China
CHINA's half a century long period of economic growth has been halted by the coronavirus pandemic.
The world’s economy contracted for the first time on record in the first quarter as the coronavirus continues to halt business and work. Gross domestic product (GDP) fell 6.8 percent in January-March year-on-year, a slightly larger decline than the 6.5 percent forecast by analysts and reversing a 6 percent expansion in the fourth quarter of 2019.
It was the first contraction in the world's second-largest economy since at least 1992, when official quarterly GDP records were first published.
China’s National Bureau of Statistics announced on Friday morning in Beijing that the country’s economic output shrank 6.8 percent from January through March compared to the same period last year.
The data reflects China’s dramatic efforts to stamp out the coronavirus, which included shutting down most factories and offices in January and February as the outbreak sickened tens of thousands of people.