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- China’s GDP seen growing 3.5% in 2022 vs. 3.9% previous forecast – Bloomberg survey
China’s GDP seen growing 3.5% in 2022 vs. 3.9% previous forecast – Bloomberg survey
According to Bloomberg’s latest quarterly survey of economists, China’s economic growth prospects for 2022 are turning bleak amid lingering property market risks and covid flare-ups.
Key findings
The economy is now projected to grow just 3.5% this year, down from a previous forecast of 3.9%.
Growth projections for the first three quarters of next year were also lowered -- by 0.1-0.4 percentage points -- although the median for the whole of 2023 remained unchanged at 5.2%.
The government originally set a gross domestic product growth target of around 5.5% for this year.
Fixed asset investment is forecast to expand 6.1% in the third quarter, down from 6.9% previously; retail sales projections for the quarter were downgraded to 3.5% from 4%.
Export growth will likely remain strong, with economists raising their projections for the third quarter to 9.5% from 7.9%, and for the full year to 8.7% from 7.5%.
Forecasts for imports were cut to 4% for both the third and fourth quarters of this year.
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