The real estate sector in China shrank for the third consecutive quarter, indicating that real estate was still affecting the economy, even before the outbreak of the (Covid-19) virus and the escalation of operations Recently closed.
For its part, China's National Bureau of Statistics said in a report today, Tuesday, that the output in the real estate industry, a major economic contributor, contracted by 2% in the first quarter compared to With last year's numbers.
This was the largest drop among all economic sectors, according to the Bureau's detailed data for economic activity from January through March.
In comparison, the real estate sector performed slightly better than the fourth quarter of 2021, when it contracted by 2.9%.
The construction sector grew 1.4% over the same period, a reversal of a 2.1% contraction in the last three months of 2021, according to Bloomberg, which has seen it.
Al-Arabiya.net.
Output in the hotel and restaurant industry decreased by 0.3% in the first quarter of last year, making it the second worst performing sector.
This comes as the rise in coronavirus infections and strict restrictions to contain them began slashing consumer spending at the end of the quarter.
