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Macroeconomic outlook report: China

First quarter of 2019

During the first quarter of 2019, Chinese GDP maintained its year-over-year growth rate with respect to the previous quarter, standing at 6.40%. Regarding inflation, CPI registered a year-over-year growth rate of 1.83%, which was 0.37 p.p. lower than the rate recorded in the previous quarter. In the labor market, the unemployment rate decreased by 0.13 p.p., standing at 3.67% rate. Finally, the Chinese Renminbi experienced an appreciation of 0.24 RMB/$ against the dollar during the first quarter of 2019, reaching a rate of 6.70 RMB/$.

Macroeconomic overview

  • Chinese GDP y/y growth rate remained constant with respect to 4Q18, keeping flat in 6.40% during 1Q19.
  • On the external side, Chinese authorities actively sought to relieve the tension with the USA; while on the domestic front, Chinese authorities have taken steps to avoid a too fast slowdown of the economy, launching different monetary easing measures.
  • In the labor market, the unemployment rate decreased by 0.13 p.p. when compared to 4Q18, standing at 3.67% rate.
  • The RMB appreciated against the US dollar during the 1Q19, reaching an average exchange rate of 6.70 RMB/$, which represented an appreciation of 0.24 RMB per dollar (-3.42%) when compared to the previous quarter.
  • Regarding inflation, CPI growth registered a slowdown of 0.37 p.p. compared to the previous quarter, reaching a growth rate of 1.83% during 1Q19.

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© GMS Management Solutions, S.L., 2019. All rights reserved. The information contained on this publication is of a general nature and does not constitute a professional opinion or an advisory service. The data used in this publication come from public sources. GMS Management Solutions, SL assumes no liability for the veracity or accuracy of such data.