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MNI BRIEF: Industrial, Service Rebound Buoys China's Q1 GDP

MNI (Singapore)
MNI (Beijing)

China’s stronger-than-expected Q1 GDP of 5.3% is mainly driven by the rebound in industrial output and the improvement of the services industry, said Sheng Laiyun, deputy director of the National Bureau of Statistics at a press conference Tuesday.

A 6.1% growth in Q1 industrial production contributed 37.3% to the headline GDP, which was attributed to improved exports and policy stimulus to boost demand. While a 10% gain in service retail sales – about 6 percentage points quicker than goods sales – contributed 55.7%, supported by travel during the Chinese New Year which exceeded the pre-pandemic level, Sheng added.

CPI is also expected to rise slowly from the current low level of 0.1% in March with total demand picking up. Hog prices have reached an inflection point for price adjustment, while upcoming holiday spending will likely push up tourism-related prices, Sheng added.

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