Beijing-- China's economy expanded more than expected in the first quarter, data from the National Bureau of Statistics revealed on Monday according to the dpa.

Gross domestic product grew at a pace of 4.8% on a yearly basis in the first quarter. This was faster than the economists' forecast of 4.4% and the 4.0% expansion registered in the previous quarter. In March, industrial production advanced 5.0%, which was faster than the expected rate of 4.5%. Meanwhile, retail sales were down 3.5% from the last year, bigger than the 1.6% fall forecast by economists.

In the first quarter, fixed asset investment grew 9.3% from the last year, following a 12.2% rise posted in the first two months.

Source: Saudi Press Agency