China's economy grew by 4.8 percent in the first quarter of the year

GDP increased by 1.3 percent compared to the last quarter of 2021. The Chinese economy had grown by 4 percent in the last quarter of 2021.

UIB Spokesperson Fu Linghui stated that "thanks to the effective measures to prevent the Kovid-19 epidemic, the economy continued to grow steadily in the first quarter."

The closure measures announced on March 28 in Shanghai, the country's largest city, are still ongoing. It is estimated that the tangible effect of the closure on the economy will be seen in the second quarter of the year, which covers the months of April, May and June.

In the first three months, value-added industrial production increased by 6.5 percent, retail sales by 3.3 percent and fixed capital investments by 9.3 percent.

The unemployment rate in cities rose to 5.8 percent in March, with an increase of 0.3 percent compared to the previous month.

UİB noted that uncertainties at home and abroad continue, and additional measures will be needed to maintain macroeconomic balances and employment in a stable manner.

In China, the government had announced that its target for economic growth in 2022 would be "around 5.5 percent".

Earlier this year, the World Bank lowered China's 2022 growth forecast to 5.1 percent from 5.4 percent.