Hobbled by coronavirus, China's Q1 GDP shrinks for first time on record [Reuters (UK)]
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Source: Reuters
Hobbled by coronavirus, China's first-quarter GDP shrinks for first time on record - Reuters 5 Min Read BEIJING (Reuters) - China’s economy shrank for the first time in almost three decades of records in the first quarter, as the coronavirus paralysed production and spending, raising pressure on authorities to do more to stop mounting job losses. Gross domestic product (GDP) fell 6.8% in January-March year-on-year, official data showed on Friday, slightly larger than the 6.5% decline forecast by analysts and reversing a 6% expansion in the fourth quarter of last year. The contraction is also the first in the world’s second-largest economy since at least 1992 when official quarterly GDP records started. Providing a silver lining was a much smaller-than-expected decline in factory production in March, suggesting efforts to restart parts of the economy since February are working. However, analysts say Beijing faces an uphill battle to revive growth as the global spread of virus devastate
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