The Chinese economy shrinked more than expected in the first quarter

The Chinese economy shrinked more than expected, by 6.8 percent, in the first quarter year-over-year due to widespread restrictions aimed at curbing the new coronavirus pandemic – China’s statistical office nnounced in Beijing.

China’s gross domestic product (GDP) has shrunk for the first time in the first three months of this year since official quarterly GDP data began to be reported in China in the first quarter of 1992. Analysts expected a slightly milder decline of 6.5 percent in light of the epidemic crippling the economy after a record low of 6 percent in the last quarter of last year. (MTI)