BEIJING: China’s economic system grew 4.7 p.c year-on-year within the second quarter of 2024, official information confirmed Monday, lower than analysts had anticipated.
“By quarter, the GDP for the primary quarter elevated by 5.3 p.c 12 months on 12 months and for the second quarter 4.7 p.c,” Beijing’s Nationwide Bureau of Statistics (NBS) stated in a press release.
The figures had been a lot decrease than the 5.1 p.c predicted by analysts polled by Bloomberg.
Retail gross sales — a key gauge of consumption — additionally slowed to simply two p.c in June, the NBS stated, down from 3.7 p.c in Might.
The world’s second-largest economic system is grappling with an actual property debt disaster, weakening consumption, an ageing inhabitants and commerce tensions with Western rivals.
High officers are assembly in Beijing on Monday for a key plenum, with all eyes on how they could kickstart lacklustre growth.
“By quarter, the GDP for the primary quarter elevated by 5.3 p.c 12 months on 12 months and for the second quarter 4.7 p.c,” Beijing’s Nationwide Bureau of Statistics (NBS) stated in a press release.
The figures had been a lot decrease than the 5.1 p.c predicted by analysts polled by Bloomberg.
Retail gross sales — a key gauge of consumption — additionally slowed to simply two p.c in June, the NBS stated, down from 3.7 p.c in Might.
The world’s second-largest economic system is grappling with an actual property debt disaster, weakening consumption, an ageing inhabitants and commerce tensions with Western rivals.
High officers are assembly in Beijing on Monday for a key plenum, with all eyes on how they could kickstart lacklustre growth.
