China’s gross domestic product has increased by 9.8 percent in the last three quarters, but it is showing a quarterly decline due to energy shortages and industrial shutdowns caused by the energy crisis.
Economic growth in China is slowing down. It was 18.3 percent in the first quarter, 7.9 in the second and 4.9 in the third, despite a projected 5.2 percent. This result is similar to the third quarter of 2020.
The reason is energy supply constraints, forcing some industrial enterprises to disconnect from the grid, as well as limited consumption and a slowdown in the growth of the real estate market. Experts say the rebound after the third wave of coronavirus is over, but new economic problems remain. The energy crisis is affecting the entire global economy.