China’s economy contracts for 1st time since 1976 over corona
China’s economy contracts for 1st time since 1976 over corona

China's GDP declined by 6.8 percent in the first quarter of 2020 due to the Coronavirus, the first such decline in the country's economy since 1976. The National Bureau of Statistics (NBS) said on Friday that the coronavirus pandemic could have a profound impact on the economy.

Chinese GDP stood at 20.65 trillion yuan ($ 2,916 billion) in the first quarter of 2020, according to an Efe News report. China started measuring its GDP in 1992, but the current data to date shows that the country's economy had not seen such a slowdown in 40 years.

The data published by NBS regarding G DP shows that when the epidemic started in the country in March, the economy was under tremendous pressure. Industrial production fell from 13.5 percent to 11 percent from January and February.

For your information, tell us tell you that there has been a decline of 15.8 percent in retail sales, while investment in real estate such as infrastructure, housing, machinery and equipment fell by 16.1 percent in the first three months. At the same time, the value of primary industry decreased by 3.2 percent, secondary industry declined by 9.6 percent and tertiary industry by 5.2 percent.

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