May 16, 2022

As the effects of Omicron onslaught on the economy further intensified, weighing down on April industrial production, retail sales and investment, an official with the National Bureau of Statistics (NBS) said there are signs of improvement in May and growth in the second quarter is expected to remain stable.

Analysts have claimed that the second quarter may see the economy hit rock bottom with growth expected to be around 4 percent, but as recovery is expected to further gain pace in June and the third quarter, the economy still has the chance of achieving an annual growth target of around 5.5 percent.

Industrial production contracted by 2.9 percent year-on-year in April, down from a growth of 5 percent in March and retail sales shrank by more than 11 percent, according to the NBS on Monday. Both figures were lower than market expectations, reflecting the epidemic's weight on the economy.

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