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- Major banks raise China growth forecasts after surprise GDP numbers
Major banks raise China growth forecasts after surprise GDP numbers
China’s better-than-expected first quarter economic growth has spurred some investment banks to raise their growth forecasts for this year.
Economists at Barclays, ING and Citi have raised their China growth outlook for 2019, though others may be holding off for now. The Chinese government announced that GDP expanded by 6.4 percent year-on-year in the first three months of 2019. That was higher than the 6.3 percent predicted by analysts.
Economists at Barclays raised their expectation for GDP expansion for this year to 6.5 percent from the previous 6.2 percent, citing the surprise first-quarter growth result.
Citi also raised its annual GDP forecast to 6.6 percent from 6.2 percent, citing a more optimistic outlook for a U.S.-China trade deal and stronger domestic demand in China.
Meanwhile, ING lifted its forecast to 6.5 percent from its previous 6.3 percent, calling stimulus-fueled infrastructure projects and 5G telecoms production the “real growth engine” in the first quarter.
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