During the first quarter of 2022, China recorded a growth rate for the eighth consecutive quarter of 4.80%; however, this rate was 13.50 p.p. lower than in 1Q21. In terms of inflation, the CPI recorded a year-on-year growth rate of 1.10%, decelerating from the rate observed in the previous quarter. On the labor market, the unemployment rate increased to a rate of 5.50%. During the first quarter of 2022, the Chinese Renminbi appreciated by 0.04 RMB/$ against the US dollar, to 6.34 RMB/$.

Macroeconomic outlook report: China 1Q22

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Macroeconomic overview

  • The year-on-year growth rate of Chinese GDP remained stable in the last quarters of 2021 and 1Q22. The year-on-year GDP growth rate expanded by 0.80 p.p. compared to 4Q21 and stood at a rate of 4.80%.
  • During 1Q2022, the unemployment rate increased by 1.54 p.p. compared to 4Q22 to 5.50%.
  • The RMB appreciated against the US dollar during 1Q22, reaching an average exchange rate of 6.34 RMB/$, which represented an appreciation of RMB 0.04 per dollar compared to the previous quarter.
  • As for inflation, year-on-year CPI growth registered a decline of 0.67 p.p. from the previous quarter to register a growth rate of 1.10% during 1Q22.

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