China’s economy grows by 4.5% in Q1 2023

China’s economy rose by 4.5 percent in the first quarter of 2023, with the GDP rising by 2.2 percent, due to the economical movement after the COVID-19 restrictions were lifted, an official data showed on Tuesday.

According to Reuters, analysts expect the GDP to grow by four percent on annual basis to 2.9 percent in the fourth quarter.

The National Bureau of Statistics data showed an increase in the GDP by 2.2 percent from January to March.

The data reflects a recovery right after the sudden lift of restrictions in December, with support of services, infrastructure, and consumption.

The Chinese government has set a humble goal of economic growth by 5 percent, after it failed to fulfill its goals for the past year.