China’s economy grows 8.1% in 2021, slows in second half

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BEIJING: China’s economy grew 4.0% in the fourth quarter from a year earlier, faster than expected but its weakest expansion in one-and-half years, National Bureau of Statistics data showed on Monday.
Gross domestic product (GDP) had been forecast to expand 3.6% from a year earlier, according to a Reuters poll of analysts, slowing from 4.9% in the third quarter.
GDP grew 8.1% in 2021, the data showed, faster than 8.0% expected by analysts.
On a quarter-on-quarter basis, GDP rose 1.6% in October-December, compared with expectations for a 1.1% rise and a revised 0.7% gain in the previous quarter.
China’s economy got off to a strong start in 2021 as activity rebounded from a pandemic-induced slump the previous year, but it has lost steam due to a property downturn, debt curbs and strict Covid-19 curbs which have hit consumption.
Chinese leaders have pledged more support for the economy, which is facing multiple headwinds into 2022.

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