- China continues to outpace other nations across the globe with its economic recovery from COVID-19
- The country reported 4.9 per cent GDP growth in the September quarter when compared year-on-year
- However, that figure is slightly below the 5.2 per cent growth expected by economists
- The country suffered a contraction back in the March quarter when COVID-19 began spreading in Wuhan in December
- But since then, China has recorded back-to-back quarters of economic growth while nations like the Australia, the U.K. and the U.S. have entered recessions
China’s economic recovery from COVID-19 continues to outpace other nations, with the country’s GDP again growing in the September quarter.
The release of key figures yesterday shows Beijing’s GDP grew 4.9 per cent between June and September — when compared to the same period last year.
However, that figure is slightly below the 5.2 per cent growth which was expected by economists.
Overall though, China has led the way in terms of financial recovery from the coronavirus pandemic with back-to-back quarters of growth.
In comparison, the U.K., Australia and the U.S. have all recorded declines in GDP over the last two quarters as the coronavirus wreaks havoc on their economies.
Fast-tracked recovery
While China’s recovery from COVID-19 has been swift, the country did suffer a deep 6.8 per cent contraction in the first quarter when the virus began spreading from Wuhan.
Since the initial outbreak though, the virus has largely been bought under control with strict social distancing and lockdown measures.
As a result, the country has managed to record GDP growth in both the June and September quarters.
Along with the GDP growth, Beijing’s trade sector has also improved despite the ongoing trade war with the U.S.
Exports grew 9.9 per cent and imports increased by 13.1 per cent over the September quarter.
Retail also showed signs of recovery, with sales rising 3.3 per cent in September, for an overall 0.9 per cent increase in the third quarter.
Online sales also made up almost a quarter of all retail sales, as the pandemic pushed more consumers to shop from home.
Looking ahead, economists are predicting more GDP growth in China in the December 2020 and March 2021 quarters as COVID-19 remains under control.