China's economy grew at a faster than expected clip in the first quarter, official data showed on Tuesday, expanding 4.5 percent year-on-year, as policymakers move to bolster growth following the end of strict COVID-19 curbs in December.

Share Market Live

NSE

Analysts polled by Reuters had expected gross domestic product (GDP) to expand 4.0 percentfrom a year earlier, quickening from 2.9% in the fourth quarter.

On a quarter-by-quarter basis, GDP grew 2.2 percent in January-March, data released by the National Bureau of Statistics showed, compared with expectations for a 2.2 percent increase and a revised 0.6 percent rise in the previous quarter.

Recent data suggest the economy is rebounding after disruptions caused by the sudden lifting of COVID-19 curbs in December, led by consumption, services and infrastructure, but easing inflation and surging bank savings are raising questions over the strength of domestic demand.

The government has set a modest target for economic growth of around 5% for this year, after badly missing the 2022 goal.

First Published:Apr 18, 2023 7:43 AM IST