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.