China GDP Growth: 2.2% In 2020, 8.1% In 2021, 5-5.5% In 2022 (Projected)

Hit by headwinds on multiple fronts including domestic COVID-19, power crisis, supply chain bottlenecks and real estate sector debacles, China’s economy grew by a tepid 4 per cent in the fourth quarter of 2021 slowing from the 4.9 per cent growth in the third (July to September) quarter.

China 's GDP expanded by 8.1 per cent in 2021. The economic growth in the first and second quarter were 18.3 percent and 7.9 percent respectively.

Chinese government had set an economic growth target of “above 6 per cent” for 2021 after it revised 2020 growth downwards to 2.2 per cent.

The country's total GDP in 2021 reached 114.37 trillion yuan ($18 trillion), according to data released by the National Bureau of Statistics (NBS) on Monday.

The spread of highly transmissible Omicron variant in Beijing, Zhuhai in South China's Guangdong Province and North China's Tianjin Municipality as well as resurgence of Delta variant in multiple cites is set to impact China's economy outlook in the first quarter of 2022.

China's GDP growth is projected to moderate at around 5.5 percent in 2022. The country's principal competitor US is expected to grow at 5.2 per cent.

China's per capita disposable income stood at 35,128 yuan ($5535.02) in 2021, up 9.1 percent year on year in nominal terms, according to NBS data.

Also read: China Exports In 2021 Touches $3.36 Trillion, Trade Surplus At A Record $676.4 Billion Even As Imports Grew by 32.7%