China’s Q1 GDP growth: Strong year-on-year growth amid weak momentum

En bref

This morning, China’s statistical office published its Q1 2021 GDP growth estimate alongside with other monthly real activity data for March. GDP growth accelerated from 6.5% yoy in the final quarter of last year to 18.3% yoy.

Highlights:

  • China’s Q1 GDP growth accelerated to 18.3% yoy while the growth momentum was the lowest on record (except Q1 2020).
  • We expect it to normalise in Q2 while yoy growth could cool into a range of 7% to 8% yoy.
  • These fluctuations are embedded into a generally less supportive monetary and fiscal stance.
  • The PBoC already slowed money expansion. We expect the bulk of withdrawal of fiscal support only after the 100th anniversary of the Chinese Communist Party on July 1.

Download the full publication below

China’s Q1 GDP growth: Strong year-on-year growth amid weak momentum
PDF
Picture

© Generali Investments, tous droits réservés. Ce site internet est publié par Generali Investments et est considéré comme une communication marketing et une promotion financière liée aux produits et services des sociétés du groupe Generali suivantes : Generali Asset Management S.p.A. Società di gestione del risparmio, Generali Investments Luxembourg S.A. et Generali Investments Holding S.p.A. (ci-après dénommées ensemble Generali Investments). En outre, le site peut contenir des communications de marketing et de promotion financière de produits et services de sociétés faisant partie de la plate-forme Multi-Boutiques coordonnée par Generali Asset Management S.p.A. Società di gestione del risparmio, et en particulier de Infranity, Sycomore Asset Management, Aperture Investors LLC, Plenisfer Investments SGR, Lumyna Investments, Sosteneo Infrastructure Partners SGR et Generali Real Estate S.p.A. Società di Gestione del Risparmio.