It was China’s worst quarterly performance since a 6.9% contraction in the first three months of 2020 as the country locked down the city of Wuhan, where the new coronavirus was first detected.
The latest result was below the median estimate of 1.1% growth in a survey of 35 economists polled by Nikkei, and sharply down from a 4.8% year-on-year expansion in the first quarter.
China has a 5.5% GDP target for 2022 but most economists are now expecting a 3-4% GDP for China in 2022.
European Commission cuts 2023 GDP projection for Europe to 1.4% from 2.3%. The estimate for European inflation is now seen averaging 7.6% this year, 4% in 2023.
The first quarter Europe GDP did not show the full impact of the war in Ukraine and high inflation and fuel prices.
The Euro is now trading at parity with the US dollar.
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