Hong Kong
CNN
—
China’s economy grew 6.3% year-on-year in the second quarter from a low base, with momentum fading after a strong reopening in the first quarter.
According to the National Bureau of Statistics (NBS), gross domestic product grew by just 0.8% from April to June compared to the first quarter. The numbers were below expectations by a group of economists polled by Reuters.
Last year, strict Covid-19 lockdowns wreaked havoc in the world’s second largest economy, including in financial hub Shanghai.
The economy rebounded strongly in the first quarter after the lifting of pandemic restrictions, with GDP growing by 4.5%.
However, numerous economic figures from the last few months indicate that momentum has slackened.
Monday’s data shows that growth has indeed lost momentum.
Retail sales rose 3.1% in June, the slowest growth since December, when Beijing lifted most pandemic restrictions.
Industrial production increased by 4.4% in June. Fixed investment increased by 3.8% in the same month.
Youth unemployment hit another record high, with the unemployment rate among 16-24 year olds reaching 21.3% in June. This surpassed the previous record of 20.8% set in May.
This is an evolving story and will be updated.
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