Industrial production in China unexpectedly fell by 2.9 per cent in April compared to the same period in 2021 amid continued strict COVID-19 restrictions.
This is according to official figures released Monday.
Meanwhile, retail sales also fell more sharply than analysts had predicted, by as much as 11.1 per cent, the Bureau of Statistics said.
COVID outbreaks in April had a big impact on the economy, but the impact is short-term,’’ Bureau of Statistics spokesman Fu Linghui said.
“With progress in COVID controls and policies to stabilise the economy taking effect, the economy is likely to recover gradually,’’ he added.
According to experts, however, the figures for April indicate that the economic downturn this year will be stronger than expected.
“China’s April activity data laid bare the damage from COVID lockdowns in Shanghai and other parts of the country.
ALSO READ:Buhari receives Pfizer booster jab as COVID 19 resurges
“The impact was much wider and deeper than expected,’’ according to an analysis by the Bloomberg financial news agency.
China has pursued a strict zero-COVID policy since the early days of the Coronavirus pandemic requiring strict lockdowns across whole cities, long periods of isolation and sometimes even family separations.
