Q1 GDP numbers: China's economy grows record 18.3% in post-Covid comeback

China’s economy strengthened in the first quarter of the year as consumer spending rose more than expected, putting it on course to join the U.S. as twin engines for a global recovery in 2021.
 
Gross domestic product climbed 18.3 per cent in the first quarter from a year earlier, largely in line with the 18.5 per cent predicted in a Bloomberg survey of economists, though that record-breaking figure was mainly due to comparisons with a year ago when much of the economy was shut due to coronavirus.
 
Retail sales beat expectations while industrial output growth moderated.
 
The latest data puts China on course to grow well above its annual target of more than 6 per cent, supporting the view that China and the US, where economists predict 6.2 per cent growth, will both outperform other major nations this year. China’s recovery hasn’t yet plateaued after it became the first major economy to contain the spread of coronavirus and return to growth, with GDP rising 0.6 per cent in the first three months of 2021 from the previous quarter.

 
The recovery last year was led by strong investment in real estate and infrastructure spurring demand for industrial goods, while overseas orders for medical goods and electronic devices fuelled exports.
 
Consumer spending had lagged, but the latest figures showed a turnaround.