According to data from the National Bureau of Statistics, China’s GDP grew by 3% year-on-year to 121.02 trillion yuan or 17.93 trillion dollars in 2022.
The annual growth rate beat a median economist forecast of 2.8 percent while the country’s fourth-quarter GDP growth of 2.9 percent surpassed expectations for a 1.8 percent increase.
According to NBS, economic growth stabilized after various measures were taken to shore up growth after going through various challenges than expected both at home and internationally.
According to the data, Industrial output rose 3.6 percent in 2022 over the previous year, while retail sales slightly shrank by 0.2 percent. Fixed-asset investment increased 5.1 percent over 2021, with a 9.1 percent hike in manufacturing investment but a 10 percent fall in property investment.
Despite raising young unemployment nationally wide, China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million as officially implemented an employment-first policy.
China’s GDP for 2023 is expected to grow to more than 5%.
China’s GDP Expands By 3% In 2022 Exceeds Expectations
I'm a senior member at Forsige covering topics on diplomacy and foreign policy relating to Asia and the World.