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China’s economy grows 6.3% in Q2 compared with low base

17.07.23 12:26
China’s economy expanded by 6.3% in the second quarter from a year ago because of a low base, with momentum slowing following a strong reopening in the first quarter.

Compared to the first quarter, gross domestic product grew just 0.8% from April to June, according to data from the National Bureau of Statistics (NBS). The figures were below the expectations of a group of economists polled by Reuters.

Last year, harsh Covid-19 lockdowns wreaked havoc in the world’s second largest economy, including in the financial hub of Shanghai.

The economy rebounded strongly In the first quarter after the lifting of pandemic restrictions, with GDP growing at 4.5%.

However, a slew of economic figures in recent months suggests that momentum has faded.

Monday’s data shows growth has indeed lost steam.

Retail sales increased 3.1% in June, the slowest growth since December, when Beijing lifted most pandemic restrictions.

Industrial output expanded 4.4% in June. Fixed asset investments rose 3.8% during the same month.

Youth unemployment hit another record high, with the jobless rate for those ages 16 to 24 reaching 21.3% in June. That smashed the previous record of 20.8% set in May, CNN reports.