China, January 18: China GDP grew at 2.3 percent in 2020, which is the slowest in over four decades. According to the official data from the National Bureau of Statistics, the Gross domestic product grew by 6.5 percent in the fourth quarter from a year ago.

According to an AFP report, the Chinese consumers remained reluctant to spend, as retail sales contracted 3.9 percent for the year. Retail sales for the fourth quarter rose 4.6 percent from a year ago. China's Economy Grows 4.9% Year-On-Year in Q3 Amid COVID-19 Pandemic, Misses Expectations.

China GDP Grows at 2.3% in 2020

Economists predicted China to have been the only major economy to grow last year. Online sales of consumer goods rose at a relatively rapid pace of 14.8 percent last year. However, the proportion of overall retail sales held fairly steady at around one-fourth.

China economy grew 4.9 percent year-on-year in Q3 of 2020. The growth was slower than the 5.2 percent forecast by analysts. China has been steadily recovering from decades-low growth seen in the first months of the year caused by the coronavirus shock.

(The above story first appeared on LatestLY on Jan 18, 2021 08:22 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website