China reported that its first quarter GDP contracted by 6.8% in 2020 from a year ago as the coronavirus outbreak seriously impacted the world's second largest economy.
China's first quarter GDP fell 9.8% as compared to the fourth quarter of 2019, data from the bureau showed. In the first quarter, retail sales in China fell 19% from a year ago while industrial production fell 8.4% in the same period, it said.
While the headline GDP figure was not unexpected, the rest of the data did not bode well for the months ahead, said Bo Zhuang, chief China economist at TS Lombard. Industrial production fell 1.1% on-year in the month of March, but that is a "false dawn" as lockdowns lifted, allowing delayed fulfillment of some orders from February, said Zhuang. A Reuters poll had expected March industrial production to fall 7.3% from a year ago.
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