China’s economy grew at a record pace in the first quarter of 2021, more than making up for the historic contraction caused by the Covid-19 pandemic. Gross domestic product (GDP) surged 18.3% in the first quarter from a year ago, official data showed on Friday.
The figures are below some analyst estimates, but represent the strongest quarterly growth on record.
The strong growth was driven by a rebound in exports, as well as a sharp increase in retail sales. Industrial output also continued to increase at a steady pace.
China’s quick recovery has been helped by strict virus containment measures, as well as the government’s stimulus measures to boost domestic consumption.
Despite the record growth, China warned that the recovery still faced “many unstable and uncertain factors”.
