Data published by the National Bureau of Statistics (NBS) showed that China's economy continued to expand in the last quarter of 2021, but the growth rate slowed down, which was due to the deterioration of the situation in the real estate sector and new restrictions to curb the spread of coronavirus.
According to the report, GDP grew by 4% per annum compared with an increase of 4.9% per annum in the third quarter. Economists had expected the economy to grow by only 3.6%. Meanwhile, relative to the third quarter of 2021, GDP grew by 1.6%.
NBS also reported that for the whole of 2021, GDP grew by 8.1%, as industrial production grew steadily until the end of the year and offset the drop in retail sales. Consensus estimates suggested that the economy would expand by 8.4% last year.
The report also showed that the unemployment rate rose to 5.1% in December from 5.0% in November. Meanwhile, retail sales growth slowed to 1.7% per annum from 3.9% per annum in November. Economists had expected an increase by 3.7%. Industrial production increased by 4.3% per annum after an increase by 3.8% in November. Economists had expected growth to slow to 3.6%. It is noteworthy that car production increased for the first time since April - by 3.4% per annum. In addition, fixed asset investment increased by 4.9% per annum in December after an increase by 5.2% per annum in November. Economists had expected an increase by 4.8%.