China’s First-Quarter GDP Plunges on Coronavirus


China’s economy contracted in the first quarter, as the coronavirus stalled business activity in key sectors, the first such drop on record.

The country’s gross domestic product plunged 6.8% from the year-earlier period, the National Bureau of Statistics said. The median forecast of 15 economists polled by The Wall Street Journal predicted a year-over-year decline of 8.3%.

China hasn’t experienced a year-over-year fall in GDP since Beijing began reporting the quarterly figure in 1992.

China’s GDP fell 9.8% in the first quarter from a quarter earlier.

What happened in the world’s second-largest economy will likely foreshadow the pain anticipated in the U.S. and around the world as the coronavirus pandemic shuts borders, halts business activity and cripples global supply chains.

Source: China’s First-Quarter GDP Plunges on Coronavirus – WSJ