China’s Gross Domestic Product (GDP) grew by 18.3pc in Q1 2021 compared to the same quarter last year according to the China Iron and Steel Association (CISA).
The association indicated in a statement on Friday that stronger demand in the manufacturing sector along with the implementation of the government stimulus announced by the country to lift economic growth after COVID-19 related shutdowns last year contributed to the surge in GDP last quarter.
The country achieved a GDP of CNY24.93tn ($3.82tn) in the first quarter of the year up 0.6pc from the preceding quarter and up 10.3pc from Q1 2019.
Primary industries such as manufacturing contributed CNY1.13tn to the country’s GDP, up 8.1pc from Q1 2020, while secondary industries’ share of the total GDP tallied at CNY9.2tn, up 24.4pc during the same period, CISA indicated.
The association noted that industrial production rose steadily during the first quarter with the mining sector growing by 10.1pc, manufacturing increasing by 27.3pc, equipment manufacturing moving up by 39.9pc, and the growth of electric vehicles, machinery, and microcomputer products rising by 60pc, against the same quarter last year.
China’s purchasing manager index (PMI) tallied at 51.9pc in March, the highest in 13 months, CISA noted, on bullish sentiment in the manufacturing sector.