China Q1 GDP +2.2% vs +2.2% q/q expected

• Prior 0.0%; revised to +0.6%
• GDP +4.5% vs +4.0% y/y expected
• Prior +2.9%

Some other data released at the same time:

• March retail sales +10.6% vs +7.4% y/y expected
• Prior +3.5%
• March industrial output +3.9% vs +4.0% y/y expected
• Prior +2.4%

The numbers are pretty solid with the economy seen growing faster than expected in Q1, expanding 4.5% year-on-year. The quarterly growth does match expectations and all of this is largely to do with the lifting of Covid-19 restrictions across the country in December, leading to a rebound in economic activity.