China's economic growth slowed significantly in the fourth quarter due to the strict corona restrictions in China.
According to data from the National Bureau of Statistics, the Chinese economy grew 2.9 percent year-on-year in the October-December 2022 period.
In the third quarter, the Chinese economy grew by 3.9 percent.
In view of the consequences of the Corona crisis, analysts had expected gross domestic product to shrink by 0.8 percent on average compared to the previous quarter and forecast gross domestic product to grow by 1.8 percent compared to the previous year.
On a quarterly basis, GDP was 0.0 percent in the fourth quarter, compared to growth of 3.9 percent in the July-September period.
Annual target clearly missed
In 2022, the Chinese economy grew by 3 percent, well below the official target of "around 5.5 percent".
In 2021, GDP had grown by 8.4 percent.
With the exception of the 2.2 percent growth after the first corona wave in 2020, this is the worst result since 1976, the last year of the decade-long Chinese Cultural Revolution.
According to a Reuters poll, economic growth is likely to recover to 4.9 percent in 2023 as the Chinese leadership tackles some key growth brakes such as the "zero-COVID" policy and the severe downturn in the real estate sector.
Most economists expect growth to pick up again from the second quarter of 2023.
Beijing last month abruptly lifted its strict anti-virus measures that severely slowed economic activity in 2022.
But the easing has also led to a sharp increase in corona infections.
According to economic experts, this could further impair growth in China in the short term.