China GDP Expands More Than Expected

(RTTNews) - China's economy grew more than expected in the first quarter despite trade tariff disputes, official data revealed on Wednesday.

Gross domestic product grew 5.4 percent year-on-year, the National Bureau of Statistics reported. This was better than economists' forecast of 5.1 percent and it was unchanged from the previous quarter. Quarter-on-quarter, the economy grew 1.2 percent in the first quarter but weaker than the expected growth of 1.4 percent.

In March, retail sales moved up 5.9 percent from the previous year. Economists had forecast sales to climb 4.2 percent.

Industrial production advanced 7.7 percent from a year ago compared to forecast of 5.7 percent.

Fixed asset investment increased 4.2 percent in the January to March period. Economists had forecast an expansion of 4.1 percent. The urban jobless rate dropped to 5.2 percent in March from 5.4 percent in February. The rate was also below economists' forecast of 5.3 percent.