Caixin
May 21, 2022 05:25 AM
ECONOMY

Shanghai’s Economy Pounded in April by Covid Lockdowns

Shanghai entered a city-wide lockdown in early April to contain its worst Covid outbreaks.
Shanghai entered a city-wide lockdown in early April to contain its worst Covid outbreaks.

Shanghai’s long-running Covid lockdowns hammered the economy of China’s largest city, based on key indicators of business and industrial activity.

April industrial output in Shanghai plummeted 61.6% from the same month a year earlier to 136.4 billion yuan ($20.2 billion), dragging down industrial production for the first four months by 12.6% year-on-year, according to data from the city’s statistics authority. Fixed-asset investment in the city dropped 11.3% in the first four months.

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