China’s growth slows due to domestic uncertainty
THE “COVID ZERO” POLICY, WITH RESTRICTIONS ON MOBILITY AND LOCKDOWNS IN LARGE CITIES, IMPACTS ON THE CHINESE ECONOMY BY PREVENTING THE RECOVERY OF CONSUMPTION AND INVESTMENT AND SLOWING DOWN EXPORTS, ITS MAIN ENGINE OF GROWTH
GDP growth moderates despite fiscal stimuli
Exports decelerate to 3.9% y-o-y in April 22, 11.1 pp below the Q1 2022 average
Fall in activity, mainly in the services sector, in a context of increasing restrictions
With inflation at around 2%, monetary policy is focused on avoiding a sharp slowdown
Real estate and the labour market
CRISIS IN THE REAL ESTATE SECTOR AND REFLECTION OF THE ECONOMIC SLOWDOWN IN UNEMPLOYMENT
The climate in the real estate market has deteriorated by 5.4 points in the last year
In April 2022, the unemployment rate rises to 6.1% and youth unemployment is 3 times the overall rate (18.2%)
Falls in real estate development investment, financing and commercial building sales
Unemployment in China is 1.7 times that of the US in April 2022