The gross domestic product (GDP) in China, the second largest economy in the world, recorded a recovery in GDP growth of 2.9% in the fourth and final quarter of last year, according to data released this morning, Tuesday, January 17, from the National Bureau of Statistics, compared to a growth of about 3.9% in the third quarter, better than Market expectations indicated that it would register a growth of about 1.6%.

On the other hand, the unemployment rate fell to 5.5% in December from 5.7 (expectations of 5.8%). The gross domestic product recorded a growth of 3% in the past year 2022, compared to analysts’ expectations at 2.8%, while the government was targeting growth rates of about 5.5%.

And the National Bureau of Statistics of China announced in its statement that the Chinese economy was directly affected by the widespread closures in China in the last quarter of the year in its endeavor to stop the spread of the epidemic, which affected the recovery locally.

On the other hand, retail sales declined by 1.8% in December on an annual basis, compared to a decline of 5.9% in November of last year, which came better than expectations, which indicated a decline to 9.5%, while it fell by about 0.2% on an annual basis.

Investment in fixed assets rose by 5.1% on an annual basis, better than expectations, while Chinese industrial production recorded a growth of about 2.3% in December on an annual basis, better than expectations, which were at 0.2%, and compared to 2.2% in November of last year.