Worst three months in decades: China’s economy plunges almost 7% amid coronavirus battle ...United Arab Emirates

The world’s second largest economy, China, took a huge hit due to the Covid-19 outbreak, according to data from the National Bureau of Statistics. It showed a 6.8 percent drop in the first quarter of 2020 from a year earlier. That is the first such contraction since Beijing began reporting its quarterly gross domestic product in 1992. Data showed that industrial production declined 8.4 percent in Q1, though March only saw a drop of 1.1 percent. Retail sales crashed 19 percent in the first quarter. Sales of consumer goods dipped by 15.8 percent in March, while online sales of physical goods rose almost six percent. Fixed-asset investmen

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