China’s Consumer-Driven Growth Gives Boost to Global Economy
- GDP expands 4.5% in first quarter, fastest pace in a year
- Citigroup, SocGen upgrade full-year growth forecasts
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China’s economy grew at the fastest pace in a year in the first quarter, putting Beijing on track to meet its growth goal for the year without adding major stimulus, while also helping to cushion the global economy against a downturn.
Gross domestic product expanded 4.5% last quarter from a year earlier, official data showed Tuesday, beating economists’ expectations. In March, retail sales soared 10.6% from a year earlier, the biggest monthly gain since June 2021.