China’s first-quarter economic growth data is out and it’s an expectation beater. The country’s GDP grew at a rate of 5.3% during the first three months, versus Reuters economist poll expectations of 4.6%.
Oil prices rose following the release of the report. Strong GDP data is normally bullish for oil prices, especially when it comes from a consumer as giant as China.
The publication noted, however, that other economic indicators including retail sales, real estate investment, and industrial output suggested domestic demand was still weak. Yet it was only weak compared to forecasts.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.
