China GDP fell 6.8% in January-March year-on-year, a slightly larger decline than the 6.5% forecast by analysts China’s economy contracted for the first time on record in the first quarter as the coronavirus shut down factories and shopping malls and put millions out of work.
Gross domestic product (GDP) fell 6.8% in January-March year-on-year, official data showed on Friday, a slightly larger decline than the 6.5% forecast by analysts and reversing a 6% expansion in the fourth quarter of 2019.
It was the first contraction in the world’s second-largest economy since at least 1992, when official quarterly GDP records were first published.