Chinese economy grows 3% in 2022, exceeding market forecast

ANKARA

Chinese economy grew 3% year-on-year in 2022, better than the market forecast but missed the official target of around 5.5%, the country's statistical office revealed on Tuesday.

China's gross domestic product topped 121 trillion yuan ($17.9 trillion) last year, according to the National Bureau of Statistics.

In 2021, China's growth had improved by 8.4% from 2.2% in 2020.

In the fourth quarter of 2022, the world's second-largest economy grew 2.9% year-on-year, slowed from a 3.9% rise in the third quarter.

The fourth quarter figure beat the market estimate of a 1.8% growth.

On a quarter-on-quarter basis, the Chinese economy stagnated in October-December, data showed.