• About us
  • Donate
  • WADR
  • Contact us
  • Live Stream
Saturday, February 4, 2023
Loud Silence News
Advertisement
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
No Result
View All Result
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
No Result
View All Result
Loud Silence News
No Result
View All Result
Home US News US Business

Beijing contracted in Q1 2020 GDP amid coronavirus

Loud Silence Staff by Loud Silence Staff
April 17, 2020
in US Business
0
Beijing contracted in Q1 2020 GDP amid coronavirus
3
SHARES
19
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

[ad_1]

China reported that its first quarter GDP contracted by 6.8% in 2020 from a year ago as the world’s second largest economy took a huge hit from the coronavirus outbreak, data from the National Bureau of Statistics of China showed.

The contraction in the first quarter would also be the first decline since at least 1992, when official quarterly GDP records started, according to Reuters.

Analysts polled by Reuters had predicted China’s GDP would shrink by 6.5% in the January to March quarter, compared to a year ago. The forecasts from 57 analysts polled ranged from a 28.9% contraction to a 4% expansion. China’s economy grew 6% in the previous quarter, from September to December 2019.

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.

That tells us that after coronavirus, even after the lockdowns have been lifted, people are cautious to consume. Shopping malls are open but they are not consuming, and that is the key.

Bo Zhuang

chief China economist at TS Lombard

The country is facing tremendous pressure amid increasing uncertainties and instabilities from the coronavirus outbreak, said the statistics bureau. The country is also facing new difficulties and challenges in resuming work and production.

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.

“What is really important was that before March, everybody was expecting China to have a V-shaped recovery because it was actually (about) China supply disruption, but now we are seeing this demand shock,” Zhuang told CNBC. “The internal demand shock was massive. That tells us that after coronavirus, even after the lockdowns have been lifted, people are cautious to consume. Shopping malls are open but they are not consuming, and that is the key.”

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.

The world’s second largest economy came to standstill earlier this year as Beijing implemented large-scale shutdowns and quarantines to limit human contact in order to contain the coronavirus outbreak.

China’s economy is beginning to come back online again, with work restarting in many companies, but it faces headwinds ahead. As demand from the rest of the world tanks due to the worldwide spread of the virus from mid-March, China’s industrial production and exports could worsen in April or May, said Zhuang.

The latest data comes after exports fell sharply in January and February compared to a year ago, and manufacturing activity plummeted.

A separate Reuters poll showed China’s GDP growth is expected to slow sharply to 2.5% in 2020 from 6.1% in 2019.

This is breaking news. Please check back for updates.

[ad_2]

This content first appear on cnbc

You might also like

Billionaire Mark Zuckerberg loses $5.9bn in a day as Facebook faces rare outage, whistleblower testimony

Global cases top 3.6 million, Trump says more deaths inevitable

Supreme Court says Justice Ruth Bader Ginsburg underwent treatment for gallbladder condition

Tags: Asia EconomyAsia NewsBreaking News: AsiaBreaking News: Economybusinessbusiness newschinaCoronavirus: BusinessCOVID-19Economic eventsEconomyHealth care industryMarketsWorld economy
Previous Post

COVID-19 Pandemic Spells Trouble for Children’s Health

Next Post

Coronavirus: The untold story of America’s biggest outbreak

Loud Silence Staff

Loud Silence Staff

Related Posts

US Business

Billionaire Mark Zuckerberg loses $5.9bn in a day as Facebook faces rare outage, whistleblower testimony

by News Reporter
October 5, 2021
Global cases top 3.6 million, Trump says more deaths inevitable
US Business

Global cases top 3.6 million, Trump says more deaths inevitable

by Loud Silence Staff
May 6, 2020
Supreme Court says Justice Ruth Bader Ginsburg underwent treatment for gallbladder condition
US Business

Supreme Court says Justice Ruth Bader Ginsburg underwent treatment for gallbladder condition

by Loud Silence Staff
May 6, 2020
US Business

United Airlines service workers sue over schedule cuts after airline got federal coronavirus aid

by Loud Silence Staff
May 5, 2020
Disney reports quarterly earnings, and TikTok gains more influence
US Business

Disney reports quarterly earnings, and TikTok gains more influence

by Loud Silence Staff
May 5, 2020
Next Post
Coronavirus: The untold story of America’s biggest outbreak

Coronavirus: The untold story of America's biggest outbreak

Recommended

Galamsey’ queen’ Aisha Huang re-arrested and remanded by Accra Court

Galamsey’ queen’ Aisha Huang re-arrested and remanded by Accra Court

September 5, 2022
Time to reflect a ‘blessing in disguise’ for Lions’ Whiteley

Time to reflect a ‘blessing in disguise’ for Lions’ Whiteley

April 20, 2020

Categories

  • African Business
  • African Education
  • African Health
  • African News
  • African Politics
  • African ShowBiz
  • Education
  • Ghana Business
  • Ghana News
  • Ghana ShowBiz
  • Ghana Sports
  • Human Interest Stories
  • News
  • Opinion
  • People
  • ShowBiz
  • Social Trends
  • US Business
  • US Education
  • US Health
  • US News
  • US Politics
  • US Showbiz
  • WADR
  • World Business
  • World News
  • World Politics
  • World Showbiz
  • World Sports

Don't miss it

Minority makes a strategic change of leadership in parliament with Ato Forson as Minority leader.
Ghana News

Minority makes a strategic change of leadership in parliament with Ato Forson as Minority leader.

January 24, 2023
Kusi Boateng’s JNS has never paid taxes neither have they ever filed annual tax returns – Okudzeto Ablakwa
Ghana News

Kusi Boateng’s JNS has never paid taxes neither have they ever filed annual tax returns – Okudzeto Ablakwa

January 23, 2023
Akufo Addo Spent ¢10bn of Covid-19 funds on ‘budget support’ – Auditor-General’s report
Ghana News

Akufo Addo Spent ¢10bn of Covid-19 funds on ‘budget support’ – Auditor-General’s report

January 23, 2023
OSP Kissi Agyebeng Protects NPA Boss Mustapha Hamid Over Illegal Contract
Ghana News

OSP Kissi Agyebeng Protects NPA Boss Mustapha Hamid Over Illegal Contract

January 22, 2023
Hon. Okudzeto Ablakwa Exposes Serious Criminal conduct Of Kusi Boateng Who is the Secretary of the Board of Trustees of Akufo Addo’s Cathedral
Ghana News

Hon. Okudzeto Ablakwa Exposes Serious Criminal conduct Of Kusi Boateng Who is the Secretary of the Board of Trustees of Akufo Addo’s Cathedral

January 16, 2023
It’s so late deserting the already Sunk ship – Mahama jabs Alan, Afriyie Akoto
Ghana News

It’s so late deserting the already Sunk ship – Mahama jabs Alan, Afriyie Akoto

January 13, 2023

About Us

LOGO

Loud Silence Radio & TV Network and is a multi media production company focusing on Ghanaian and African news.

Contact

  • Alexandria, Virginia, USA
  • +1 212-602-9641
  • loudsilenceradio@gmail.com
Facebook Twitter Youtube Linkedin

Download App

google play store

© 2021 Loud Silence Media. All rights reserved.

  • About us
  • Contact us
  • Donate
  • Live Stream
  • Privacy Policy
  • Terms of Use
Menu
  • About us
  • Contact us
  • Donate
  • Live Stream
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Ghana News
    • General News
    • Business
    • Education
    • Opinion
  • US News
    • Business
    • Health
    • Human Interest Stories
    • Politics
    • Education
  • Africa News
    • Business
    • Education
    • Health
    • Politics
  • ShowBiz
    • Ghana ShowBiz
    • US Showbiz
    • African ShowBiz
    • World Showbiz
  • Editorials
    • People
  • World News
    • Politics
    • Business
    • Education
    • Health
  • Sports
    • Ghana Sports
    • World Sports
  • WADR
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.