China says its economy shrank by 6.8% in the first quarter as the country battled coronavirus
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(Worthy News) – China reported that its first-quarter GDP contracted by 6.8% in 2020 from a year ago as the world’s second-largest economy took a huge hit from the coronavirus outbreak, data from the National Bureau of Statistics of China showed.
The contraction in the first quarter would also be the first decline since at least 1992, when official quarterly GDP records started, according to Reuters.
In the first quarter, retail sales in China fell 19% from a year ago while industrial production fell 8.4% in the same period, data from the bureau showed. [ Source: CNBC (Read More…) ]
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