China's GDP for 2022 was expected to have grown by its slowest since 2020, the year the pandemic began.
Fourth-quarter GDP rose by 2.9%, beating expectations from the Reuters' poll of 1.8% growth.in an attempt to control a Covid outbreak. China's stringent zero-Covid policy restricted travel and business activity across the country.
Authorities abruptly relaxed most controls in early December, amid a surge in local infections. While far more people plan to travel around the upcoming Lunar New Year, analysts expectRetail sales fell by 0.2% for the year. But retail sales in December declined by 1.8% from a year ago, less than the expected 8.6% plunge predicted by a Reuters' poll.
Industrial production rose by 3.6% in 2022. The figure rose by 1.3% in December, well above the 0.2% predicted by the Reuters' poll. Fixed asset investment for 2022 rose by 5.1%, slightly above the 5% expected by Reuters. Infrastructure investment on a year-to-date basis grew faster in December than in November, while investment into manufacturing slowed its growth. Real estate investment fell by 10% in 2022, a steeper drop than recorded for the year through November.
The unemployment rate in cities was 5.5.% as of December, while that of younger people ages 16 to 24 remained far higher at 16.7%.Uncertainty about future income remained high. Youth unemployment hit a record high of nearly 20% in July.
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