China’s Q1 2020 Consumption Data: The Rebound Effect
Apr 24, 2020
The impact of COVID-19 has seen China’s main economic indicators significantly decline in Q1. The GDP in the first quarter was 20.6504 trillion yuan, down 6.8% year on year at comparable prices.
From January to February, the consumer goods market experienced a short-term decline. However, the situation improved in March, fueled by growth in e-commerce, and as the positive results of China's intensive epidemic suppression strategy began to pay dividends allowing retailers and manufacturers to reopen.
On April 17, the National Bureau of Statistics released the first-quarter economic data . Affected by the COVID-19, in the first quarter, the main economic indicators fell noticeably, but in March, the main economic indicators rebounded, allowing the economy to claw back some lost ground. This momentum is expected to continue into the second quarter and fuel further economic growth.
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