China Q1 lodging, catering sector shrinks for initial time given that 2020

Table of Contents

A chef carrying a mask and a encounter shield as safety in opposition to the coronavirus illness (COVID-19) cooks in the cafe of a lodge inside of the shut loop at the Beijing 2022 Winter Olympics in Beijing, China, February 1, 2022. REUTERS/Thomas Peter

Sign up now for Free limitless accessibility to

BEIJING, April 19 (Reuters) – China’s accommodation and catering sector contracted in January-March from a 12 months earlier for the initially time given that 2020, pointing to significantly flagging intake weakened by COVID curbs on travel and social-distancing principles.

The sector’s output shrank by an inflation-altered .3% in January-March to 386.1 billion yuan ($60.6 billion), the National Bureau of Studies mentioned in a statement on Tuesday.

Accommodation and catering very last contracted in the third quarter of 2020, when output fell 5.1%.

Sign-up now for Cost-free endless obtain to

In the very first quarter, China’s all round financial system grew speedier than anticipated by analysts, but consumption, authentic estate and exports have been strike hard in March, facts from the statistics bureau confirmed on Monday.

In March, retail income contracted the most on an annual foundation due to the fact April 2020, down 3.5%.

“The top rated precedence is to put into practice guidelines to assistance support troubled industries, these types of as catering and retail,” Meng Wei, spokeswoman at the Nationwide Growth and Reform Commission, informed reporters on Tuesday.

The output of the lodging and catering sector was the lowest since the next quarter of 2020, according to information from the studies bureau.

($1 = 6.3709 Chinese yuan renminbi)

Sign up now for Absolutely free endless accessibility to

Reporting by Ryan Woo and Liangping Gao Modifying by

Our Benchmarks: The Thomson Reuters Belief Concepts.