The largest decline in GDP of China since the disastrous Cultural Revolution of 1976. It declined by 6.8 percent in the first quarter of 2020. During this time, the world’s second largest economy came to a standstill due to unexpected measures taken to counter the Corona virus epidemic.
China’s National Bureau of Statistics (NBS) said on Friday that China’s GDP in the first quarter (January to March) of 2020 stood at 20,650 billion yuan (about $ 2910 billion), up 6.8 percent from the same period last year.
According to NBS data, there was a 20.5 per cent decrease in the first two months of this quarter. Thus there was relatively little improvement in the third month. China’s economy recorded a growth of 6.1 percent in 2019. This growth rate was the lowest in the past 29 years due to the trade war with the US. But remained above the psychological level of six percent.
The Corona virus that came out of China’s Wuhan city in December six years has severely affected China and the world and it is clear from the latest data that it caused a severe blow to China’s economy,