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GDP growth last year was only 3%... Second lowest after Moon Hyuk

China's gross domestic product (GDP) growth rate last year hit 3% amid bad events such as the high intensity "zero corona" policy and the war in Ukraine.

On the morning of the 17th, China's National Bureau of Statistics said, "Last year's GDP was 121.207 trillion yuan (about 22,200 trillion won), a provisional estimate of a year-on-year increase of 3%."

The 3% growth rate is slightly higher than the market forecast of 2.7%~2.8%, but it falls far short of China's GDP growth rate of 8.4% in 2021 and the target of "about 5.5%" set by the Chinese government.

It is also higher than 2020 (2.3%), the first year of the COVID-19 pandemic, but the second lowest after 1976 (-1.6%), the last year of the Cultural Revolution (1966-1976).

After contracting to 2.3 percent in 2020, China's GDP growth hit 8.4 percent in 2021, driven by underlying effects.

However, last year, as countries around the world transitioned to a general "with corona," the Chinese government maintained a high-intensity quarantine policy until the end of last year, and it is estimated that the economy suffered greatly.

GDP in the first ~ fourth quarter of last year was 4.8%, 0.4%, 3.9%, and 2.9%.

The GDP growth rate in the fourth quarter also exceeded the market forecast of 1.6%~1.8%.

By industry, primary industries increased by 4.1 percent, secondary industries by 3.8 percent, and tertiary industries by 2.3 percent.

Last year, food production increased by 0.5 percent year-on-year, while industrial production increased by 3.6 percent compared to the previous year. The services sector rose 2.3% year-on-year.

The total retail value of social consumer goods nationwide, which includes department stores, supermarkets and e-commerce, decreased by 0.2 percent year-on-year.

The nation's fixed asset investment reached 57,213.8 billion yuan, a year-on-year increase of 5.1%. By sector, fixed investment in basic infrastructure construction increased by 9.1 percent year-on-year, investment in manufacturing increased by 9.1 percent, while investment in real estate development fell by 10 percent year-on-year.

Last year, the total import and export value of goods was 42.678 trillion yuan, an increase of 7.7% year-on-year. Exports (in yuan terms) increased by 10.5 percent and imports by 4.3 percent. The Consumer Price Index (CPI) increased by 2% year-on-year.

The National Bureau of Statistics also revealed that the number of new people employed last year was 12.06 million, exceeding the target of 11 million. In December, the urban unemployment rate was 5.5%, and the unemployment rate for 16~24-year-olds was 16.7%.

At the end of last year, the population was 1,411.75 million, 850,000 fewer than the previous year. This is the first time China's population has declined since 1961. [Newsis]

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