Quick recovery after the coronavirus lockdown: Current trade figures from China.
While Germany and the United States suffered a sharp GDP slump of about 10% in the 2nd quarter of 2020, the Chinese economy had long since begun recovering after its coronavirus lockdown. The National Bureau of Statistics of China reports trade figures for the first half of 2020.
Retail in urban and rural areas
Since more than half of Chinese live in cities, it is not surprising that the corresponding retail volume in June was 2,905.2 billion yuan (352.39 billion euros) and was down 2% compared to the previous year. In rural areas, the retail volume decreased by 1.2% compared to the previous year, reaching 447.4 billion yuan (54.3 billion euros).
The gross national product (GNP) in the second quarter was up 3.2% compared to the previous year and was, cumulatively for the 1st and 2nd quarters, still down 1.6% compared to the previous year.
As a result, the Chinese economy has visibly recovered from the coronavirus faster than the rest of the world.
These figures are based on the press release from the National Bureau of Statistics of China on July 17, 2020, and the exchange rate as of August 7, 2020.