According to the National Bureau of Statistics, the data showed a Gross Domestic Product just over 121 trillion yuan (17.9 trillion dollars) for the (GDP) and a sharp drop compared to the 8.1 reached last year.
This is the second sharpest economic contraction in China since 1970. The previous one was the 2.4 percent at the beginning of the pandemic in 2020.
The influence was that in the last quarter of 2022 China’s GDP barely increased 2.9 percent, and 3.9 in July-August-September; in both cases it was lower than expected.
Among the determining factors of the decrease of economic growth was commercial activity, which ended the year with a 7.7 percent year-on-year rise, while in 2021 it was 21.4.
Retail sales of consumer goods in China fell 0.2%, investment in fixed assets and industrial production increased 5.1 and 3.6 percent, respectively, and more than 12 million jobs were created.
Despite these data, the Bureau specified that they show a stable performance and the solidity of the fundamentals of the economy. It predicted a more positive outlook for 2023, a rebound in growth and the rapid recovery of all sectors, after the cessation of the anti-Covid-19 measures that impacted consumption and productive activity.